Philippines-based digital financial solutions provider Mynt has raised $300m in latest funding round, which valued the company at over $2bn.
The round was co-led by global investment firm Warburg Pincus, New York-based Insight Partners, and Mynt’s existing investor, Bow Wave Capital.
They were joined by Itai Tsiddon, Amplo Ventures, telecommunications company, Globe and Ayala.
Mynt offers a wide range of digital financial services such as credit, savings, insurance, loans, and investments.
The fintech, through its wholly-owned subsidiary Fuse and other lending partners, offers credit products. Mynt claimed that its GCredit disburses over $19.82m (PHP1bn) in loans each month.
It has also tested a cash loan service, GLoan, which allows qualified users to borrow PHP25,000 that can be repaid over 12 months. Mynt is also planning to launch a buy now-pay later offering within the year.
Mynt noted that its GCash payment services app, which has over 48 million users, is expected to record $59bn (PHP3 trillions) of gross transactions this year.
Globe president and CEO and Mynt board chairman Ernest Cu said: “Their investment in Mynt and GCash further validates the strides the Company has made in providing access to innovative financial services to more Filipinos and highlighting the Philippines to the global investor audience.”
Warburg Pincus managing director Saurabh Agarwal said: “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.”