Philippines’ only unicorn cements its title with round close

Philippines-based Mynt, which develops financial solutions and payment services, has collected $300m in a funding round that brings its valuation to $2bn.

Mynt claims to be the only Philippines only unicorn.

Private equity giant Warburg Pincus served as the lead investor alongside fellow global firms Insight Partners and Bow Wave Capital. Participation for the round also came from Itai Tsiddon, Amplo Ventures, Globe and Ayala.

Mynt claims it has been at the forefront of digital transformation within the Philippines during the Covid-19 pandemic, becoming the go-to payment and financial services solution for over 48 million users.

It is currently on track to attain a PHP 3trn ($59bn) of gross transaction value, which is three-times more than last year’s figure.

Mynt offers a selection of financial tools, including credit, savings, insurance, loans and investments. It is also the owner of the payment services app GCash.

Warburg Pincus managing director Saurabh Agarwal said, “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.

“We are excited about the partnership with the company and look forward to leveraging our deep expertise in the fintech sector to support their long-term growth.”

There have been a handful of investments into FinTech companies based in the Philippines. In June, payments platform Voyager secured $167m to support its growth efforts.

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