Standing on its own feet

Ant Group’s Mynt investment sweet despite sour patch

The Philippines’ #1 e-wallet, GCash, owned by Mynt, might be Alibaba-backed Ant Group’s best investment in Southeast Asia. But Mynt has had to learn to not rely on Ant

Jum Balea, 11 Mar 2021

In the first years following Ant’s investment in Mynt, the Filipino company was in growth-at-all costs mode

But gearing up for an IPO, Ant had reportedly pulled back from supporting its overseas investments. Funding for Mynt was drying up

Mynt’s local parent Globe had to step in. It was tough, but the pandemic luckily provided the impetus for more growth

As Globe takes over the steering wheel, Mynt shifts to a new strategy of sustainability. Will Ant remain involved?

The chance to become a country’s first ever unicorn is no joke. And with a valuation that’s fast “approaching” the coveted US$1 billion mark, Mynt—the owner and operator of the Philippines’ leading e-wallet GCash—is close.

That’s a big deal since it could inspire the Philippines’ 110 million population—the world’s 13th largest—to start-up.

Mynt recently announced recently announced Tech in Asia Mynt bags $175M to capitalize on mobile payments Read more a fresh investment of US$175 million.

AUTHOR

Jum Balea

Jum is a Manila-based reporter for The Ken, where she covers startups and business across Southeast Asia, with a focus on the Philippines. She previously was editor for Tech In Asia, and business editor for Philippine media companies Rappler and ABS-CBN.

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