Following new investment, GCash parent company Mynt hits 'double' unicorn
The company announced on Tuesday that the company behind digital payment service GCash is now worth more than $2 billion after receiving new funding.
Mynt said in a statement it had raised $300 million from global investment giant Warburg Pincus and New York-based private equity and venture capital firm Insight Partners and investment firm Bow Wave Capital. The company noted that Bow Wave Capital was an active investor in the company.
This development further solidifies the status of the Mynt Unicorn, owned by a private startup worth over $1 billion, with a rarity comparable to that of a mythical creature. The investment round includes "Itai Tsiddon and Amplo Ventures as well as the Globe and capitals of Ayala," Mint said. The statement said, “With the emergence of new international investors, Mynt joins an outstanding league of world-class companies that are changing global standards for technology and innovation.”
According to Mynt, GCash currently has over 48 million users. The achievement of $3 trillion is progressing smoothly. Total trading value in pound three times higher than last year's record. The app currently has 3 million sellers and social media sellers. Mynt Chairman, CEO and Globe CEO Ernest Koo welcomed new offers from Warburg Pincus, Insight Partners and Bow Wave Capital.
“Their investment in Mynt and GCash further underscores the company's success in providing innovative financial services to more Filipinos and attracting the attention of a global investor audience to the Philippines,” he said. Meanwhile, Saurab Agarwal, Managing Director of Warbug Pincus, said their investment represents "firm promise and unwavering faith" in the country's long-term prospects as one of the region's fastest-growing digital economies.
Meanwhile, Managing Director Deven Pareh said that GCash “created the most attractive product to enter the extremely poor Philippine market,” and that investing in Mynt aligns with the global theory of expanding financial inclusion through digital tools. match, he added. .. GCash is one of the digital platforms that has left its mark in the pandemic as authorities encourage the use of non-cash transactions to contain the spread of COVID-19 by helping businesses and merchants make a living.
GCash Parent Mynt Now Worth Over $2B After Securing Fresh Funding. (2021, November 2). cnn. https://www.cnnphilippines.com/business/2021/11/2/GCash-parent-Mynt-fresh-funding.html.