GCash operator secures over $300M in funding
GLOBE Fintech Innovations, Inc. or Mynt, the operator of GCash, raised over $300 million in fresh funding. — INSTAGRAM.COM/GCASHOFFICIAL
GCASH OPERATOR Globe Fintech Innovations, Inc. (Mynt) has raised over $300 million in fresh funding, bringing its valuation to more than $2 billion.
“The investment round was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital, one of Mynt’s existing investors,” Globe Telecom, Inc. said in a disclosure to the stock exchange on Tuesday.
The telco said the funding round includes participation from Itai Tsiddon, co-founder of content creation app developer Lightricks, and Amplo Ventures, as well as capital from Globe and Ayala Corp.
“This solidifies [Mynt’s] status as the Philippines’ only unicorn,” the digital financial solutions provider said in a separate statement.
Mynt said its payment and financial services solution now has more than 48 million users, or nearly half of the national population.
The company aims to reach P3 trillion in gross transaction value this year, which would be three times more than the previous year’s record number.
“We are excited about our new partnership with Warburg, Insight, Itai Tsiddon, and Amplo, as they each bring strategic value to our team in the pursuit of our vision towards financial for all,” Mynt President and Chief Executive Officer Martha M. Sazon said.
The company also said it is “well-positioned” to further expand its digital financial services offerings.
“The investment into Mynt marks our continued commitment and strong belief in the long-term prospects of the Philippines as one of the fastest growing digital economies in the region,” Warburg Pincus Managing Director Saurabh Agarwal said.
Warburg Pincus is a global growth investor with more than $67 billion in private equity assets under management.
Insight Partners Managing Director Deven Parekh believes that GCash has created “the most compelling product” for the Philippines’ underserved market.
“Our investment in Mynt fits within our global thesis of increasing financial inclusion using digital tools,” he said.
Insight Partners is a global venture capital and private equity firm that invests in high-growth technology and software ScaleUp companies.
Globe Telecom shares closed 4.61% higher at P3,134 apiece on Tuesday. — Arjay L. Balinbin