Mynt filipino globe telecom techasia, the Philippines’ first unicorn, is aiming to double its valuation to $2 billion through future fundraising. Currently valued at $175 million, it has raised more than $300 million from existing shareholders and new investors. The company has raised $175 million in fresh capital from Bow Wave and other investors.
Mynt Is The Philippines’ Lone Unicorn
Mynt is a fintech company based in the Philippines backed by the Ant Group and Globe Telecom. With over $300 million in funding, Mynt is now valued at over $2 billion. Warburg Pincus, Insight Partners, and other global investors led the round. It also received support from Philippine media giants Globe and Ayala. It claims to have 48 million users and is on track to reach PHP 3 trillion in gross transaction value.
Mynt recently piloted a new cash loan service, GLoan, that allows qualified borrowers to borrow up to PHP25,000 for 12 months. This new product joins Mynt’s GCredit offering, which disburses over $200 million USD per month. The company had disbursed more than $3 billion in USD as of June this year. It also plans to roll out Buy Now Pay Later services this year.
Mynt has grown fast since it was founded in 2004. Today, it is one of the Philippines’ leading fintechs. The company’s GCash mobile app has a user base of over eleven million. In January, Mynt closed a $175 million funding round. In the last year, the company has added 11 million new users. However, the company faces challenges in its growth as traditional banks and other digital challengers emerge in the market.
It Aims To Double Its Valuation To $2 Billion In Future Fundraising
Philippine fintech Mynt has raised $300 million in funding from Warburg Pincus and Insight Partners, putting the company’s valuation at over $2 billion. The company, which also owns the popular GCash mobile wallet, plans to double its valuation in future fundraising. This investment comes at a time when Mynt is facing competition from traditional banks and other digital challengers.
Warburg Pincus has invested in Mynt, because of its long-term prospects in the Philippines, which is one of the fastest-growing digital economies in Asia. The company is also well-positioned, as it has a dominant position in the country.
Mynt’s strategy is to increase its presence in the Philippine market by providing more financial services and products. For example, the GCash mobile phone app allows users to purchase airtime at 600 partner billers nationwide. It also enables users to buy goods and services from over three million social sellers. It also plans to expand its lending products by offering GLoan, which would allow qualified borrowers to borrow up to P25,000 in 12 monthly installments.
It Raised Over $175 Million In Fresh Capital From Bow Wave And Existing Shareholders
Mynt, a fintech company based in the Philippines, has raised over $175 million in fresh capital from existing shareholders and US investment firm Bow Wave Capital Management. The money is expected to be used to expand its mobile wallet service. The company is backed by Ant Financial and has raised over $1 billion in total funding. The company is based in the Philippines and operates GCash, a mobile wallet service. GCash users can access a range of financial products and services from opening a bank account to investing in money market funds to acquiring insurance products. The company aims to make financial inclusion accessible to 33 million Filipinos and empower them to become financially independent.
The company was originally backed by Ant Group but recently had its IPO delayed. While Ant is still the company’s largest shareholder, it does not have much to gain from the new funding. As a result, it is likely that the IPO will have little effect on Mynt. However, it is still one of Ant’s most promising ventures in Southeast Asia. The new funding is expected to help Mynt scale its mobile wallet service and improve its service.
It Has Raised Over $300 Million From New And Existing Investors
The Philippines-based fintech Mynt, behind the GCash payment services app, has raised over $300 million from new and existing institutional investors, including Warburg Pincus and Insight Partners. This latest round of funding brings Mynt’s valuation to over $2 billion. The round was led by Warburg Pincus, with participation from Insight Partners, Bow Wave Capital, Itai Tsiddon, and Amplo Ventures. Globe and Ayala also invested in the company, which has 48 million users.
Tencent, a global Internet company, and CDC, a UK development finance institution, also participated in the round. Tyme, with roots in South Africa, is using the money to expand into the Philippines, where it recently secured a digital banking license and a partnership with the Gokongwei Group. The company plans to expand to other countries.
In addition, Paxos, a blockchain infrastructure company, raised $300 million to expand its business. This raise was accompanied by a pre-IPO round of over $200 million. These are among the first two startups to reach the unicorn club, with valuations of over $300 million.