Philippine digital payment provider becomes country’s first fintech unicorn

Philippine fintech company Globe Fintech Innovations, which does business under the brand Mynt, on November 2 said it received more than $300 million in a latest funding round led by US-based investment companies Warburg Pincus, Insight Partners and Bow Wave Capital, one of Mynt’s existing investors.

The round further included US-based venture capital firm Amplo Ventures, as well as Philippine telecom firm Globe and conglomerate Ayala Corporation, the statement said, adding that the financing now values Mynt at $2 billion, transforming it into the country’s first fintech unicorn.

It also makes Mynt the Philippines’ current sole unicorn – a startup company valued at $1 billion and more – after Revolution Precrafted, a prefabricated homes developer set up by entrepreneur Robbie Antonio, reaches the status in 2017 but later stumbled over suspicious business deals.

Popular services for almost half of the Philippine population

Mynt, majority-backed by China’s digital financial services provider Ant Group, an affiliate of e-commerce giant Alibaba, is locally known for its two core services, the mobile money solution GCash and the online lending portal Fuse. The company also offers online saving and micro-insurance solutions.

The latest funding brings the stakeholdings of Mynt’s anchor investors Globe and Ant Group to 38 per cent and 34 per cent, respectively.

Founded six years ago, Mynt is meanwhile reaching out to 48 million users in the Philippines, nearly half of the national population, and projects three trillion pesos ($59.2 billion) in gross transaction value this year, up from one trillion in the previous year. The number of merchants and social sellers participating in its payment network has seen an “unprecedented increase” to around three million in the period, the company said.

Filipinos catching up in financial services

The number of fintech companies in the Philippines increased to around 200 last year from just 30 in 2016, now offering a broad range of financial services which have expanded from digital payments, lending and remittances to other fintech solutions such as crowd funding, stock investments, insurtech and cryptocurrencies, as well as credit scoring and alternative financing.

The strong acceptance of Mynt’s services is also rooted in the high percentage of unbanked or under-banked people in the Philippines, which is estimated at 70 per cent, and the low pervasion of financial products and services, even the most basic ones such as credit cards, insurance or bank loans.



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Philippine fintech company Globe Fintech Innovations, which does business under the brand Mynt, on November 2 said it received more than $300 million in a latest funding round led by US-based investment companies Warburg Pincus, Insight Partners and Bow Wave Capital, one of Mynt's existing investors. The round further included US-based venture capital firm Amplo Ventures, as well as Philippine telecom firm Globe and conglomerate Ayala Corporation, the statement said, adding that the financing now values Mynt at $2 billion, transforming it into the country’s first fintech unicorn. It also makes Mynt the Philippines’ current sole unicorn – a startup...

Philippine fintech company Globe Fintech Innovations, which does business under the brand Mynt, on November 2 said it received more than $300 million in a latest funding round led by US-based investment companies Warburg Pincus, Insight Partners and Bow Wave Capital, one of Mynt’s existing investors.

The round further included US-based venture capital firm Amplo Ventures, as well as Philippine telecom firm Globe and conglomerate Ayala Corporation, the statement said, adding that the financing now values Mynt at $2 billion, transforming it into the country’s first fintech unicorn.

It also makes Mynt the Philippines’ current sole unicorn – a startup company valued at $1 billion and more – after Revolution Precrafted, a prefabricated homes developer set up by entrepreneur Robbie Antonio, reaches the status in 2017 but later stumbled over suspicious business deals.

Popular services for almost half of the Philippine population

Mynt, majority-backed by China’s digital financial services provider Ant Group, an affiliate of e-commerce giant Alibaba, is locally known for its two core services, the mobile money solution GCash and the online lending portal Fuse. The company also offers online saving and micro-insurance solutions.

The latest funding brings the stakeholdings of Mynt’s anchor investors Globe and Ant Group to 38 per cent and 34 per cent, respectively.

Founded six years ago, Mynt is meanwhile reaching out to 48 million users in the Philippines, nearly half of the national population, and projects three trillion pesos ($59.2 billion) in gross transaction value this year, up from one trillion in the previous year. The number of merchants and social sellers participating in its payment network has seen an “unprecedented increase” to around three million in the period, the company said.

Filipinos catching up in financial services

The number of fintech companies in the Philippines increased to around 200 last year from just 30 in 2016, now offering a broad range of financial services which have expanded from digital payments, lending and remittances to other fintech solutions such as crowd funding, stock investments, insurtech and cryptocurrencies, as well as credit scoring and alternative financing.

The strong acceptance of Mynt’s services is also rooted in the high percentage of unbanked or under-banked people in the Philippines, which is estimated at 70 per cent, and the low pervasion of financial products and services, even the most basic ones such as credit cards, insurance or bank loans.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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