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

By Reuters

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

Mynt is the company behind Philippine mobile wallet GCash with 48 million users and projected 3 trillion pesos ($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.

($1 = 50.55 Philippine pesos)