Globe Fintech Innovations, a Philippine financial technology company that conducts business under the Mynt brand, said on November 2 that in the latest round of financing led by U.S. investment firms Warburg Pincus, Insight Partners and Bow Wave Capital, it received more than US$300 million. Capital, an existing investor in one of Mynt’s companies.
The statement stated that this round of financing further includes the US-based venture capital firm Amplo Ventures, as well as the Philippine telecommunications company Globe and the conglomerate Ayala Corporation, adding that the financing now valued Mynt at US$2 billion, making it a The country’s first fintech unicorn.
It also makes Mynt the only unicorn in the Philippines so far-a start-up company valued at more than $1 billion-in 2017, the prefab house developer Revolution Precrafted founded by entrepreneur Robbie Antonio The status was later stumbled by suspicious business transactions.
Provide popular services for nearly half of the Filipino population
Mynt is mostly supported by Chinese digital financial service provider Ant Group (a subsidiary of e-commerce giant Alibaba) and is known for its two core services, mobile money solution GCash and online lending portal Fuse. The company also provides online savings and microinsurance solutions.
The latest funding brings Mynt’s major investors Globe and Ant Group’s shareholding ratio to 38% and 34%, respectively.
Mynt was established six years ago. At the same time, it is reaching 48 million users in the Philippines, accounting for nearly half of the country’s population. The total transaction volume this year is expected to reach 3 trillion pesos ($59.2 billion), which is higher than the previous year. Of 1 trillion. The company stated that the number of merchants and social sellers participating in its payment network “increased like never before” to about 3 million during this period.
Filipinos are catching up in financial services
The number of fintech companies in the Philippines increased from 30 in 2016 to about 200 last year, and now provides a wide range of financial services, expanding from digital payments, loans and remittances to other fintech solutions, such as crowdfunding, stock investment, insurance Technology and cryptocurrencies, as well as credit scoring and alternative financing.
The strong acceptance of Mynt services also stems from the high proportion of people in the Philippines who have no or insufficient bank accounts (estimated at 70%) and the low penetration rate of financial products and services, even the most basic financial products and services. Such as credit cards, insurance or bank loans.
Globe Fintech Innovations, a Philippine financial technology company that conducts business under the Mynt brand, said on November 2 that in the latest round of financing led by U.S. investment firms Warburg Pincus, Insight Partners and Bow Wave Capital, it received more than US$300 million. Capital, an existing investor in one of Mynt’s companies. The statement stated that this round of financing further includes the US-based venture capital firm Amplo Ventures, as well as the Philippine telecommunications company Globe and the conglomerate Ayala Corporation, adding that the financing now valued Mynt at US$2 billion, making it a The country’s first fintech unicorn. It also makes Mynt the only unicorn in the Philippines-a start-up company…
Globe Fintech Innovations, a Philippine financial technology company that conducts business under the Mynt brand, said on November 2 that in the latest round of financing led by U.S. investment firms Warburg Pincus, Insight Partners and Bow Wave Capital, it received more than US$300 million. Capital, an existing investor in one of Mynt’s companies.
The statement stated that this round of financing further includes the US-based venture capital firm Amplo Ventures, as well as the Philippine telecommunications company Globe and the conglomerate Ayala Corporation, adding that the financing now valued Mynt at US$2 billion, making it a The country’s first fintech unicorn.
It also makes Mynt the only unicorn in the Philippines so far-a start-up company valued at more than $1 billion-in 2017, the prefab house developer Revolution Precrafted founded by entrepreneur Robbie Antonio The status was later stumbled by suspicious business transactions.
Provide popular services for nearly half of the Filipino population
Mynt is mostly supported by Chinese digital financial service provider Ant Group (a subsidiary of e-commerce giant Alibaba) and is known for its two core services, mobile money solution GCash and online lending portal Fuse. The company also provides online savings and microinsurance solutions.
The latest funding brings Mynt’s major investors Globe and Ant Group’s shareholding ratio to 38% and 34%, respectively.
Mynt was established six years ago. At the same time, it is reaching 48 million users in the Philippines, accounting for nearly half of the country’s population. The total transaction volume this year is expected to reach 3 trillion pesos ($59.2 billion), which is higher than the previous year. Of 1 trillion. The company stated that the number of merchants and social sellers participating in its payment network “increased like never before” to about 3 million during this period.
Filipinos are catching up in financial services
The number of fintech companies in the Philippines increased from 30 in 2016 to about 200 last year, and now provides a wide range of financial services, expanding from digital payments, loans and remittances to other fintech solutions, such as crowdfunding, stock investment, insurance Technology and cryptocurrencies, as well as credit scoring and alternative financing.
The strong acceptance of Mynt services also stems from the high proportion of people in the Philippines who have no or insufficient bank accounts (estimated at 70%) and the low penetration rate of financial products and services, even the most basic financial products and services. Such as credit cards, insurance or bank loans.
