GCash operator raises over $300 million in fresh funding

Fintech startup Globe Fintech Innovations Inc. (Mynt), the operator of mobile wallet GCash, on Tuesday said it has raised over $300 million in fresh funding, increasing the company’s valuation to over $2 billion.

In a statement, Mynt said the increase in its valuation solidifies its status as the Philippines’ only unicorn, and as one of the leading fintech companies in Southeast Asia.

A "unicorn" is a private startup with a valuation of over $1 billion.

The fintech firm said 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.

The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala.

Since the onset of community quarantines as response to COVID19, Mynt said it has been at the forefront of digital transformation of Filipinos as the “go-to” payment and financial services solution to over 48 million users.

With the continued relevance of the app among its users, Mynt said it is on track to reach P3 trillion of gross transaction value, three times more than last year’s record number. 

The company has also recorded peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively.

“This is further proof that our growth and achievements have not gone unnoticed. We have been able to continuously expand by introducing game-changing innovations while improving our profitability profile,” said Martha Sazon, president and CEO of Mynt.

“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 finance for all,” Sazon said.

With the addition of highly experienced global investors in Warburg Pincus and Insight Partners, Mynt said it is well-positioned to further expand its digital financial services offerings and support the Philippine’s financial inclusion agenda.

“We welcome Warburg Pincus, Insight Partners, and the other investors into Mynt. Their investment in Mynt and GCash further validates the strides the Company has made in providing access to innovative financial services to more Filipinos and highlighting the Philippines to the global investor audience,” said Ernest Cu, chairman of the Board of Mynt and president and CEO of Globe.

For his part, Saurabh Agarwal, managing director of Warburg Pincus, said, “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.” — BM, GMA News