Manila, Philippines, November 2, 2021 / PRNewswire / – Mynt, The Philippines’ The leading digital financial solutions provider and the company behind the popular GCash payment services app have overtaken $ 300 million in financing, valuing Mynt at more than $ 2 billion. This reinforces its status as The Philippines’ single unicorn, and as one of the leading fintech companies in South East Asia. The investment round was led by global investment giant Warburg Pincus, new YorkInsight Partners, a global private equity and venture capital firm, 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 community quarantines began in response to COVID19, Mynt has been at the forefront of Filipino digital transformation as the ‘go-to’ payment and financial services solution for more than 48 million users, or nearly half of the national population. With the app’s continued relevance among its users, Mynt is on track to achieve PHP3 trillion of the gross value of the transaction, 3 times the record number of last year. The company also saw a spike in daily app connections and daily active transactions of 19 million and 12 million, respectively. With the arrival of Mynt’s new international investors, the company joins a distinguished league of world-class companies that are redefining the global landscape of technology and innovation.
“This is further proof that our growth and achievements have not gone unnoticed. We have been able to continuously develop ourselves by introducing breakthrough innovations while improving our profitability profile,” said Marthe 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 of finance for all. “
As Mynt continues to grow, the business has seen an unprecedented increase in its number of merchants and social sellers, which now stands at 3 million. In addition, it reached its scale while improving the economy of its unit, generating positive EBITDA and net income in mid-2021. With the addition of highly experienced global investors in Warburg Pincus and Insight Partners, Mynt is well positioned to further expand its digital financial services offerings and support the Philippines financial inclusion agenda.
“We welcome Warburg Pincus, Insight Partners and the other investors in Mynt. Their investment in Mynt and GCash confirms the progress the company has made in providing access to innovative financial services to more Filipinos and highlighting The Philippines to the global investor audience. With the continued support of existing Mynt shareholders, we are confident that we will strengthen Mynt’s market leadership and create a positive and transformative disruption in the Philippine financial services industry, ”said Ernest Cu, Chairman of the Board. de Mynt and CEO of Globe.
Saurabh Agarwal, Managing Director of Warburg Pincus, said: “The investment in Mynt marks our continued commitment and strong belief in the Philippines’ long-term prospects as one of the region’s fastest growing digital economies. . Mynt occupies a dominant position in the market The Philippines and is well positioned with its best management team, innovative technology and superior product offerings. We are excited about the partnership with the company and look forward to leveraging our deep expertise in the FinTech industry to support their long-term growth. “
“We believe GCash has created the most compelling product to reach the massively underserved market in The Philippines,” noted Deven Parek, Managing Director at Insight Partners. “Our investment in Mynt is part of our global thesis of increasing financial inclusion using digital tools. We look forward to partnering with Mynt as they continue to grow on their journey to scale. “
Mynt offers a full range of financial services, covering credit, savings, insurance, loans and investments. The assets under management (AUM) of its GSave product exceeded 9 billion pesos, of 5 billion pesos in 2020, when its GInvest product has already captured 70 percent of the domestic market of UITF’s total accounts. GInsure, GCash’s microinsurance offering launched in 2020, accounts for 1/3 of all new insurance policies issued in the Philippines.
Through its wholly-owned subsidiary Fuse and other banking partners, Mynt also offers credit to its users, on the back of its proprietary trust and rating platform. GCredit disburses more 1 billion pesos the value of loans each month, with 15 billion pesos worth having been disbursed from June 2021, and enjoys the best repayment rates locally with the lowest delinquent and non-performing loans. Mynt also piloted GLoan, a cash loan product that allows qualified users to borrow up to P 25,000, with repayment spread over 12 months. The company plans to launch “Buy Now, Pay Later” products during the year.
GCash was also the first financial app to launch a pioneering sustainability initiative in the country through its GForest feature, a fun environmental management program where users can convert their green points acquired using GCash into a virtual tree, which in turn would be planted as an actual tree tree in critical locations in The Philippines. To date, the app has over 8.7 million users of GForest functionality.
GCash is the # 1 financial application in The Philippines. Through the GCash app, customers can easily purchase prepaid airtime; pay bills to more than 600 partner billers across the country; send and receive money anywhere The Philippineseven to other bank accounts; buy more than 3M partner traders and social vendors; and access savings, credit, insurance and money investing, all at the convenience of their smartphones. GCash has been a wholly owned subsidiary of Mynt (Globe Fintech Innovations, Inc.) since 2015.
GCash was recognized by The Asian Banker (TAB) in 2021 for its outstanding digital financial inclusion programs, which today reach over 48 million Filipinos nationwide.
To learn more about Mynt, visit https://www.mynt.xyz.
Globe is one of the leading full-service telecommunications companies in The Philippines and listed on the PSE with the ticker symbol GLO. The company serves the telecommunications and technology needs of consumers and businesses through a full range of products and services, including mobile, fixed, broadband, data connectivity, Internet and managed services. He has major interests in financial technology, digital marketing solutions, venture capital finance for startups, and virtual healthcare. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implementing the Universal Principles of Sustainability. Its leaders are Ayala Corporation and Singtel, recognized industry leaders in the country and region. For more information visit www.globe.com.ph. Follow @enjoyglobe on Facebook, Twitter, Instagram and YouTube.
About Warburg Pincus
Warburg Pincus is a leading global growth investor. The company has more than $ 67 billion in private equity assets under management. The company’s active portfolio of over 215 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner of management teams seeking to build sustainable businesses with enduring value. Founded in 1966, Warburg Pincus has raised 20 private equity funds, which have invested more than $ 97 billion in over 960 companies in over 40 countries. The company is headquartered in new York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Bombay, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.
Warburg Pincus started investing in South East Asia in 2013. Since then, the firm has committed to $ 3 billion in the region, notably in Advance Intelligence Group, ARA Asset Management, Converge, GoTo Group and Techcombank. Warburg Pincus is also a leading investor in FinTech and Financial Services globally and in Asia, with investments in Ant Group, Clearwater Analytics, Edelman Financial Engines, Network International, Payjoy and Varo. For more information, please visit www.warburgpincus.com.
About Insight Partners
Insight Partners is a leading global venture and private equity firm investing in high-growth ScaleUp technology and software companies driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies around the world and has raised through a series of funds over $ 30 billion in capital commitments. Insight’s mission is to find, fund and work successfully with visionary executives, providing them with hands-on and hands-on software expertise to drive long-term success. Through its people and portfolio, Insight fosters a culture around the belief that ScaleUp businesses and growth create opportunity for all. For more information on Insight and all of its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
For more information please contact:
Vice-President, Corporate Communications and Public Affairs
GCash (Mynt – Globe Fintech Innovations, Inc.)