Globe Fintech Innovations, Inc. (Mynt), subsidiary of Globe Telecom and operator of mobile wallet GCash, hauled in close to $1 billion investments to date from a private equity fund.
ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management, infused new capital in the fintech firm.
“Mynt raised over $175 million in fresh capital from Bow Wave and its existing shareholders in multiple tranches, with post-money valuation of the final tranches at close to $1 billion,” the fintech firm today (Jan 8) disclosed.
“This investment from Bow Wave is a validation of both what we have accomplished as well as the potential of GCash in unlocking digital services in the Philippines,” stressed Martha Sazon, President and Chief Executive Officer of Mynt.
“The pandemic has acted as a catalyst in highlighting the importance of digital finance in society today and with this investment from Bow Wave, we look forward to further living out our vision of financial services for all,” she elaborated.
As more Filipinos turned to digital services during the lockdown, GCash grossed over Php1 trillion in transaction value last year.
Overall, GCash has empowered over 33 million Filipinos with digital financial tools and services.
Users relied on their mobile wallets to transact physically and online, to purchase airtime load, to open deposit accounts, to save and invest in money market funds, and to acquire insurance products.
“We have made significant gains in 2020 that further cemented our status as the leading Finance app in the country,” according to Ernest L. Cu, Chairman of the Board of Mynt.
Mynt’s momentum has continued, even as the country moved out of quarantine restrictions, suggesting a fundamental shift in our customers’ behavior towards a cashless lifestyle, he pointed out.
“We are confident in Mynt’s future prospects as a unicorn in the Philippines,” said Cu.
Bow Wave is a close-ended private equity fund with a mandate to invest globally in online and mobile payment ecosystem companies, particularly in strategic partners and investments of the Ant Financial and Alibaba Group.
Bow Wave’s investment in Mynt, its first in the Philippines, will translate to a minority equity interest in the Mynt. Other terms of the investment remain confidential.
“Mynt has made great strides in the fintech space in the Philippines. Recognizing this fact and our shared values, Bow Wave supports the vision of Mynt to provide finance for all Filipinos.,” Itai Lemberger, Founder and CIO of Bow Wave, concluded.