Mynt (Globe Fintech Innovations), the Philippines’ top digital financial solutions provider, and a regional associate of Singapore Telecommunications (Singtel), has raised over US$300 million ($404.4 million) in funding on Nov 3.
The funding round has thus valued Mynt at over US$2 billion.
It has also solidified Mynt as the Philippines’ only unicorn.
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Mynt offers a full array of financial services, which includes credit, insurance, savings, loans and investments.
The investment round was led by Warburg Pincus, New York-based Insight Partners, and Bow Wave Capital.
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The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala.
“This is further proof that our growth and achievements have not gone unnoticed. We have been able to continuously expand by introducing game-changing innovations while improving our profitability profile,” says Martha Sazon, president and CEO of Mynt.
“We 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 finance for all.”
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In its statement, Mynt reported that it has witnessed “an unprecedented increase” in its number of merchants and social sellers, which now stand at 3 million.
In mid-2021, the company achieved scale with a positive EBITDA and net income.
“The 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. Mynt has a dominant market position in the Philippines and is well-positioned with its best-in-class management team, innovative technology, and superior product offerings,” says Saurabh Agarwal, managing director of Warburg Pincus.
Photo: Mynt's website
