Mynt, the Philippines-based financial services platform developer formed by telecommunications firm Globe Telecom, conglomerate Ayala Corporation and financial services provider Ant Group, has raised more than $175m, e27 reported on Friday.
The capital came from ASP Philippines, a limited partnership fund managed by Bow Wave Capital Management, an investment firm mandated to back partners and portfolio companies of Ant Group and its parent company, e-commerce firm Alibaba.
Founded in 2015, Mynt provides a range of digital financial services covering digital payments, online remittance, lending, and financial technology for business customers.
The company offers digital payment, cross-border money transfer and remittance through GCash, a mobile platform created in 2004 and launched by Globe Telecom’s corporate incubator, 917Ventures.
Mynt also runs an online lending platform called Fuse which aims to provide fast, convenient loans to customers who may not be able to access services through the conventional banking system.
The round valued the company at almost $1bn post-money and the cash was supplied across multiple tranches. Mynt is allocating the funding to expanding its product offering.
Martha Sazon, Mynt’s president and CEO, said: “The pandemic has acted as a catalyst in highlighting the importance of digital finance in society today and with this investment from Bow Wave, we look forward to further living out our vision of finance for all, enabling democratised access to payment and financial services to every Filipino.”
