Cover (Photo: Getty Images)
(Photo: Getty Images)
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After securing USD300,000 in funds, fintech startup Mynt, is now valued at over USD 2 billion.
If you're among the tens of millions of GCash users around the country, then it might interest you to know that its parent company, Mynt, is now technically a "double unicorn". Incredibly rare in itself, unicorns are defined as startup companies worth over USD1B; Mynt takes this on a higher level by having a valuation at USD2B.
The news comes after the company successfully secured USD300,000 in funding from various investors. This round was led by investment giant, Warburg Pincus, private equity and venture capital firm Insight Partners, as well as Bow Wave Capital. "Warburg Pincus, Insight Partners and Issai Tsiddon affirm what we've been seeing all along: that the growth potential and opportunities in the Philippine fintech scene is boundless and Mynt is best positioned to capitalise on these disruptive shifts that will revolutionise the financial futures of more than a hundred million Filipinos," says Executive Director, President and CEO of Globe Telecom, Ernest L Cu.
As of the moment, stakes for Mynt are now as follows: 35 per cent for both Globe and Ant Group, 14 per cent for Bow Wave, 5 per cent for Ayala, and 11 per cent for all new investors collectively.
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Above Executive Director, President and CEO of Globe Telecom, Ernest L Cu
Above CEO and President of GCash, Martha Sazon (Photo: Philippine Star)
Executive Director, President and CEO of Globe Telecom, Ernest L Cu
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This latest investment triumph comes as more Filipinos continue to turn to digital platforms amid the pandemic. According to their statistics, GCash currently has 48 million users, which is nearly half of the country's 110 million population. This is up by 15 million users from 2021. At its peak, number of daily active transactions can reach up to PHP12 million.
GCash is set to roll out even more products later in the year. As of the moment, it has already consolidated other financial services into the app (the most downloaded finance app among Filipinos in 2020), and introduced GInvest, an online investment plan, and GInsure, which provides insurance for medical emergencies.
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