Philippines’ digital payment app Mynt hits unicorn status, after raising $300 from top VC investors

It’s the buzz of the Philipines’ startup community. Mynt, the fintech arm of the Philippines-based Globe Telecom and the company behind the widely popular GCash payment service app, has raised $300 million in its latest funding round that valued the fintech company at over $2 billion, making the GCash operator the country’s only unicorn company ( or those startup company valued at more than $1 billion).

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Joining the latest funding round are global investment giant Warburg Pincus and VC investor Insight Partners. Existing investors like Globe Telecom, AyalaCorp., US investment firm Bow Wave Capital, VC firm Ample Ventures as well as angel investor Itai Tsiddon also participated in the fund-raising event, Reuters reported.

The Philippines-based payment app operates a wide range of financial services, investments, credit, insurance loans, and savings. Mynt’s GCash service has recorded a gross transaction value of over $20 billion in 2020 alone, spurred by GCash services like online payments, money remittance, and bank cash-in.

Mynt’s GCash is helping Filipino people shift to digital financial services, providing a much cheaper faster, and safer way of payment system for many business transactions. GCash has been popular in the country and it’s used by over 48 million users, according to the company’s released statement.

GCash, the country’s top mobile payment app, is growing fast, claiming over 44 million registered users and more than 2.5 million social sellers (as of June 2021). The company said that it had recorded peak daily app logins and daily active transactions of 19 million and 12 million, respectively, according to DealStreetAsia.

This is the second time Mynt has secured fresh funding. Earlier this year, the company raised $175 million in fresh capital. The company has already announced plans for more funding events, targeting the unicorn status, or the billion-dollar market valuation.

Founded in 2004 and based in Manila, Philippines, Mynt is the digital payment solution arm of the Philippines-based Globe Telecom. Mynt was 45 percent owned by each investment giant Ant Group and Globe Telecom, while the rest, 10 percent, was owned by Philippines conglomerate Ayala Corporation. In addition to their GCash payment app, Mynt also operates a lending service, called FUSE, which offers financial services to the unbanked population.

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