Mynt is the only PH startup in the SEAsia 35 Unicorns list
Posted: October 19, 2021 at 9:34 am MDT|Update: 10 minutes ago
Manila, Philippines, October 19, 2021 / PRNewswire / – Mynt, the holding company of Globe’s fintech arm of popular GCash e-wallet, is the only Filipino startup that has successfully joined Credit Suisse South East Asia 35 list of unicorns. The list highlights technology companies in several sectors and countries of the sub-region that are valued at more than US $ 1 billion or in which the last round of financing was at least 800 million US dollars and supported by strong commercial momentum.
ASEAN’s latest stock research titled ASEAN Unicorns, Scaling New Heights examines the best start-ups in Singapore, Malaysia, Indonesia, Thailand, Vietnam, and The Philippines. Companies in Singapore and Indonesia represent 74% of the 35 unicorns. At the sector level, fintech leads the pack with 26%, followed by e-commerce – 20%, logistics -11% and diversified internet – 8%.
In a predominantly money-driven society like The Philippines, Mynt is the first player in the country to provide financial access to consumers and traders. Its services include payments, remittances, loans, business solutions and platforms.
Over the past year and a half, the pandemic has become a catalyst in the acceleration of digital payments and e-commerce in the country, with merchants and consumers shifting from offline to online transactions during the year. . This change is expected to continue even after the crisis, as people get used to the convenience and ease of use.
With SEA’s fintech sector attracting significant investor interest, Mynt attracted new capital investment in mid-2020 from ASP Philippines LP, a limited partnership fund managed by Bow Wave Capital Management. Mynt relaunched $ 175 million new capital from Bow Wave and its existing shareholders, in several tranches, with a post-money valuation of the last tranches at close to $ 1 billion.
Since then, GCash has maintained its remarkable growth, with its target gross transaction value tripling to over P3 trillion this year for more P1 trillion in 2020. Registered users continued to increase, with over 44 million registered users and over 2.5 million traders and social sellers at the end of June. In addition, the number of active users continued to increase, multiplying by 2.8 compared to the same period the previous year. Finally, Mynt has demonstrated its ability to grow in a sustainable manner, recording positive EBITDA and net income in June of this year.
“Wallet sizes are growing, the flow of credit traffic is accelerating and use cases are expanding, and Mynt has been able to capitalize on these trends with the transformation of its GCash service into a super app that includes e-commerce. (GLife) and financial services (loans, insurance, savings and investments), “says the research.
Besides GCash, Mynt also has its lending arm, FUSE, another subsidiary that benefits the unbanked population with innovative credit products powered by its proprietary credit scoring algorithm.
To learn more about Mynt, visit https://www.mynt.xyz.
Globe Newsroom: https://www.globe.com.ph/about-us/newsroom.html
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SOURCE Globe Telecom
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