Mynt, a Manila, Philippines-based digital financial solutions provider behind the GCash payment services app, raised over $300m in funding, valuing it at over $2 billion.
The round was led by Warburg Pincus, Insight Partners, and Bow Wave Capital, with participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala.
The company intends to use the funds to further expand its digital financial services offerings and support the Philippine’s financial inclusion agenda.
Led by Martha Sazon, President and CEO, Mynt is a “go-to” payment and financial services solution for over 48 million users. The company offers a full array of financial services, spanning credit, savings, insurance, loans, and investments.
GCash is the #1 Financial App in the Philippines. Through the GCash App, customers can purchase prepaid airtime, pay bills at over 600 partner billers nationwide, send and receive money anywhere in the Philippines, even to other bank accounts, purchase from over 3M partner merchants and social sellers, and get access to savings, credit, insurance and invest money, all via their smartphones. GCash has been a wholly owned subsidiary of Mynt (Globe Fintech Innovations, Inc.) since 2015. Through its wholly owned subsidiary Fuse and other banking partners, the company also offers credit to its users, on the back of its proprietary trust and scoring platform. GCredit disburses over P1 billion worth of loans each month, with P15 billion worth having been disbursed as of June 2021. Mynt also piloted GLoan, a cash loan product that allows qualified users to borrow as much as P25,000, with repayment spread over 12 months. The company is looking to launch “Buy Now, Pay Later” products within the year.
GCash has also launched a sustainability initiative in the country via its GForest feature, a gamified environmental stewardship program where users can convert their green points acquired from using GCash into a virtual tree, which in turn would be planted as an actual tree in critical locations within the Philippines. To date, there are over 8.7 million users of the GForest feature within the app.
The company is on track to reach PHP3 trillion of gross transaction value.
FinSMEs
03/11/2021