Mynt

Mynt is a Filipino startup that provides financial services in the field of lending, savings, insurance, loans and investments. The company develops the GCASH mobile wallet, which by the beginning of November 2021 has 48 million users.

History

2021: Raising $300 million of investment and valuation of $2 billion

Fintech developer Mynt became the first Filipino startup with an estimate of $1 billion. This happened in early November 2021 after raising $300 million from a group of investors, which included Warburg Pincus and Insight Partners. The new round of financing, which confirms the rapid growth of the financial services and digital banking market in the Philippines, raised Mynt's valuation to $2 billion.

Fintech solution developer Mynt became the first Filipino startup with an estimate exceeding $1 billion

Does this strengthen the status of the company? as the only Filipino unicorn and as one of the leading fintech companies in Southeast Asia. Investment in Mynt means 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, "said Saurabh Agarwal, managing director of Warburg Pincus.

This round of funding was also attended by investors such as Itai Tsiddon and Amplo Ventures, as well as a portfolio of existing investors Globe, Ayala and Bow Wave. Ant, an affiliate of mail owner Alibaba, did not participate in the round, but remained a committed partner and shareholder with a 34% stake.

The number of fintech companies in the country has grown to about 200 in 2020 from only 30 in 2016. According to the ASEAN + 3 Macroeconomic Research Office (AMRO), the range of financial services has expanded from digital payments and wallets, lending and money transfers to other fintech verticals, such as credit scoring, alternative financing, crowd financing, investments and cryptocurrencies. As in other regions, the COVID-19 pandemic has accelerated the trend of financial digitization in the Philippines. Such changes are likely to continue and even accelerate after the end of the pandemic, according to the Singapore company AMRO, which was created in 2011 to promote macroeconomic and financial stability in the Asian region.

As of November 2, 2021, 70% of the adult population of the Philippines either do not have bank accounts or have them in insufficient numbers, with very low penetration of financial products. Only about 15% of people have official loans, less than 5% credit cards, and even less have access to insurance.^[1]

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