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Philippines' Mynt secures US$300 million from Warburg Pincus, other investors

MANILA : Philippines' Mynt said on Tuesday it raised US$300 million in capital from U.S. private equity firms Warburg Pincus and Insight Partners, valuing the financial technology firm at US$2 billion.

Mynt is the company behind Philippine mobile wallet GCash with 48 million users and projected 3 trillion pesos (US$59 billion) in gross transaction value this year.

The company is partly owned by Globe Telecom, Ayala Corp, Bow Wave, and Ant Financial, the financial technology arm of Alibaba.

(US$1 = 50.55 Philippine pesos)

(Reporting by Neil Jerome Morales; Editing by Christian Schmollingr)

Source: Reuters

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