GCash operator secures over $300M in funding
GCASH OPERATOR Globe Fintech Innovations, Inc. (Mynt) has raised over $300 million in fresh funding, bringing its valuation to more than $2 billion.
鈥淭he investment round was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital, one of Mynt鈥檚 existing investors,鈥 Globe Telecom, Inc. said in a disclosure to the stock exchange on Tuesday.
The telco said the funding round includes participation from Itai Tsiddon, co-founder of content creation app developer Lightricks, and Amplo Ventures, as well as capital from Globe and Ayala Corp.
鈥淭his solidifies [Mynt鈥檚] status as the Philippines鈥 only unicorn,鈥 the digital financial solutions provider said in a separate statement.
Mynt said its payment and financial services solution now has more than 48 million users, or nearly half of the national population.
The company aims to reach P3 trillion in gross transaction value this year, which would be three times more than the previous year鈥檚 record number.
鈥淲e 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 towards financial for all,鈥 Mynt President and Chief Executive Officer Martha M. Sazon said.
The company also said it is 鈥渨ell-positioned鈥 to further expand its digital financial services offerings.
鈥淭he investment into Mynt marks our continued commitment and strong belief in the long-term prospects of the Philippines as one of the fastest growing digital economies in the region,鈥 Warburg Pincus Managing Director Saurabh Agarwal said.
Warburg Pincus is a global growth investor with more than $67 billion in private equity assets under management.
Insight Partners Managing Director Deven Parekh believes that GCash has created 鈥渢he most compelling product鈥 for the Philippines鈥 underserved market.
鈥淥ur investment in Mynt fits within our global thesis of increasing financial inclusion using digital tools,鈥 he said.
Insight Partners is a global venture capital and private equity firm that invests in high-growth technology and software ScaleUp companies.
Globe Telecom shares closed 4.61% higher at P3,134 apiece on Tuesday. 鈥 Arjay L. Balinbin
