GCash operator Mynt raises over $300 million in funding


Posted at Nov 02 2021 10:32 AM

MANILA - Mynt, the fintech firm behind GCash on Tuesday said it has raised over $300 million (P15 billion) in funding which brought its value to "over $2 billion."

The round of funding was led by Warburg Pincus, private equity and venture capital firm Insight Partners and existing investor Bow Wave Capital, it said in a statement. 

"This solidifies its status as the Philippines’ only unicorn, and as one of the leading fintech companies in Southeast Asia," Mynt said.

Also involved in this round of funding are Itai Tsiddon, Amplo Ventures as well as capital from Globe and Ayala Corporation, it added. 

“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 Mynt president and CEO Martha Sazon.

GCash is estimated to have 48 million users with a projected P3 trillion in gross transaction value this year, a Reuters report said. 

Ant Financial, Alibaba's fintech arm, has interest in Mynt.


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-- with a report from Reuters