Globe Fintech Innovations, Inc. (Mynt), the Fintech arm of Globe Telecom and operator of the country’s preferred mobile wallet in GCash, announced on Friday it has attracted fresh capital investment from ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management. The investment will be used to further spur the growth of financial inclusion and the digitization of payments and financial services in the Philippines. Mynt revealed it raised over US$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 US$1 billion.
Speaking about the investment, Martha Sazon, President and CEO of Mynt, stated:
“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. 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 finance for all, enabling democratized access to payment and financial services to every Filipino.”
Mynt also explained that GCash has been helping Filipinos get through their daily lives by providing them with convenient, safe and secure digital payment options.
“As more and more Filipinos turn to digital services, GCash recorded gross transaction value of over Php1 trillion in 2020, spurred by services like online payments, bank cash-in and sending money. So far, GCash has empowered over 33 million Filipinos with digital financial tools and services through its innovative mobile wallet. Users have been able to maximize the use of 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.”
UBS AG acted as financial advisor for Mynt for the transaction.