Philippines-based digital payment technology provider Mynt received over $300m in funding today from investors including telecommunications firm Globe Telecom and conglomerate Ayala Group.
Private equity firm Warburg Pincus, growth equity firm Insight Partners and investment firm Bow Wave Capital Management co-led the round at a valuation exceeding $2bn. It also featured private investor Itai Tsiddon and venture capital firm Amplo Ventures.
Formed by Globe Telecom, Ayala and Ant Group – the financial services affiliate of China-headquartered e-commerce group Alibaba – Mynt operates a mobile wallet known as GCash and a mobile lending platform called Fuse.
The company also hosts a peer-to-peer e-commerce marketplace with some 3 million registered sellers. ASP Philippines, a limited partnership fund formed by Bow Wave Capital, had supplied $175m in funding for Mynt in January this year.
Mynt’s president and chief executive, 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.”