Mynt, the mobile payment and credit service owned by Philippine mobile operator Globe Telecom, has raised over $300 million in funding, valuing the firm at over $2 billion.
The 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's existing investors. The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala.
Through the Mynt's popular GCash app, customers can purchase prepaid airtime; pay bills at over 600 partner billers nationwide; send and receive money anywhere in the Philippines; purchase from over 3m partner merchants and social sellers; and get access to savings, credit, insurance and investments.
The company currently cliams over 48 million users, nearly half of the national population and is on track to reach PHP3 trillion of gross transaction value, 3x times more than last year. The company has also recorded peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively.
This year, Mynt has 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 says it is looking to launch buy now, pay later products within the year.
GCash is also geared to the eco-conscious user with GForest, 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.
"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."