Mynt, fintech firm behind GCash, reaches ‘double unicorn’ status
Mynt, the financial technology firm behind the GCash payments platform, has attained “double unicorn” status with a $300-million fresh equity deal that jacked up its valuation to over $2 billion.
Cementing its status as the Philippines’ only “unicorn” or a startup valued for at least $1 billion, Mynt has completed a new funding round that brought in fresh investment from 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.
Itai Tsiddon and Amplo Ventures and capital from Globe and Ayala also participated in this funding round.
Since the onset of community quarantines in response to COVID-19, GCash has scaled up its user base to 48 million. The group expects to be on track to reach P3 trillion of gross transaction value, three times more than 2020’s record number.
“We welcome Warburg Pincus, Insight Partners, and the other investors into Mynt,” said Ernest Cu, Mynt chair and president and CEO of Globe Telecom.
“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,” Cu said.
“Together with the continued support of Mynt’s existing shareholders, we are confident of furthering Mynt’s market leadership and creating positive and transformative disruption in the Philippine financial services sector,” he said.
