Ant Group-backed Philippines e-Wallet Mynt to Allow Its Over 50 Million Users to Invest in Crypto
Globe Fintech Innovations, commonly known as Mynt, is considering a platform that will allow millions of its GCash mobile wallet users to invest in cryptocurrencies and equities, said the Chief Executive Officer on Monday, as per a Bloomberg report.
GCash has 51 million registered users, with its daily logins reaching 23 million. The mobile wallet records peak average daily transactions at 15 million.
One-third of its active users subscribe to at least one financial service GCash offers.
In an interview with Bloomberg, CEO Martha Sazon said the company would “double down on lending” and grow its financial-service offerings. The company aims to offer its investment and loan services to millions of financially underserved Filipinos.
Following its latest fundraising round, Mynt reached unicorn status and is valued at more than $2 billion. The payment provider is backed by Ant group, an affiliate company of the Chinese Alibaba Group.
After reaching the $1 trillion pesos in transactions milestone last year, the company is on track to hit 3.5 trillion pesos ($69.5 billion) worth of transactions by the end of this year. In her interview, Sazon also said that Mynt had also reported four straight months of “positive Ebitda” and net income after tax.
The company is considering offering a “more affordable” remittance service for Filipinos abroad and a ‘buy now and pay later’ service as well.