Mynt hits $2bn valuation after fundraising

Mynt, the Ant Group-backed Philippine fintech, announced on Tuesday that it has raised over US$300 million in fresh capital from new and existing backers in its largest-ever fundraising, bringing the firm to a US$2 billion.

Mynt’s third funding round was led by new investors, including U.S. fund Warburg Pincus and venture capital firm Insight Partners.

Mynt, which owns the very popular GCash mobile wallet, knows that the move reaffirms its position as the Philippines’ lone unicorn, a word used to refer to tech startups that have reached or crossed the US$1 billion valuation mark.

The other new investors include Itai Tsiddon and U.S. VC Amplo Ventures, while existing shareholders Globe Telecom, conglomerate Ayala and Alibaba Group-backed Bow Wave Capital Management also made commitments in the round.

Ant, which held a 40% stake in Mynt before this round, did not take part.

As a result of this financing round, Globe and Ant’s stake in Mynt will be diluted to 35% each, while Bow Wave and Ayala will assume ownership of 14% and 5%, respectively.