Philippines' Mynt raises over $300M from Warburg Pincus, other investors

Globe Fintech Innovations Inc., which does business as Mynt, raised more than $300 million in its latest funding round led by Warburg Pincus LLC, Insight Venture Management LLC and Bow Wave Capital Management LP.

Itai Tsiddon and Amplo Management LLC also participated in the fundraising, as well as the Philippines-listed full-service telecom company Globe Telecom and Ayala Corp.

Globe Fintech, the operator of the GCash payment service application, achieved a valuation surpassing $2 billion after the fundraising, becoming the country's first tech unicorn.

With over 48 million users, the company is on track to record 3 trillion pesos of gross transaction value, three times the recorded value in 2020, according to a Nov. 2 news release.

The company is also looking to launch buy-now, pay-later products in 2021.

As of Nov. 2, US$1 was equivalent to 50.60 Philippine pesos.