The funding is expected to help the company to strengthen its unicorn status and expand its digital financial services offerings
Customer Experience (CX) has become even more of a priority for businesses since the Covid-19 pandemic.(Credit: Firmbee.com on Unsplash)
Philippines’ digital financial solutions provider Mynt has secured more than $300m in a funding round that valued the company at over $2bn.
Led by global investment firm Warburg Pincus, the financing round saw participation from venture capital firm Insight Partners, and Bow Wave Capital, which is an existing investor of Mynt.
Itai Tsiddon and Amplo Ventures have also taken part in the funding round.
The latest funding is expected to enable Mynt to further expand its digital financial services offerings and strengthen its position as the Philippines’ only unicorn.
Mynt president and CEO Martha Sazon said: “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.
“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.”
Mynt provides a range of financial services, spanning credit, savings, insurance, loans, and investments.
Through its GCash payment services app, the company allows customers to purchase prepaid airtime, pay bills, as well as send and receive money anywhere in the Philippines.
Mynt claims to be a provider of “go-to” payment and financial services to more than 48 million users in the country.
The company has also witnessed peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively.
It also claims to have recorded a huge increase in its number of merchants and social sellers to 3 million.
Besides, Mynt has increased assets under management (AUM) for its GSave product to more than PHP9bn ($178.3m) from PHP5bn ($99.1m) last year.
The company also offers credit to its users, through its wholly-owned subsidiary Fuse and other banking partners.