The Philippines-based digital financial solutions provider, Mynt recently secured approximately $300 million in a funding round led by the New York-based global private equity, Warburg Pincus, venture capital firm, Insight Partners, and Bow Wave Capital.
With a valuation of more than $2 billion, Mynt has become the most valuable fintech firm in the Philippines. The rapid adoption of digital financial technology in the Philippines has played an important role in Mynt’s growth. The company is on track to reach PHP3 trillion of the gross transaction value.
Additionally, Mynt highlighted a sharp increase in the total number of merchants and social sellers. According to Mynt, the Fintech company is well-positioned to expand its services in the region through the latest investment.
"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," said Martha Sazon, President and CEO of Mynt. "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."
In addition to Warburg Pincus and Insight Partners, Amplo Ventures joined the investment round.
Philippines’ Digital Transformation
Since the outbreak of the Coronavirus pandemic, residents of the Philippines have preferred digital financial solutions over traditional payment methods. A large part of the overall population is using digital methods for financial transactions in the country.
Saurabh Agarwal, Managing Director of Warburg Pincus, 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."
