GCash operator raises over $175M in fresh capital; valuation nears $1B

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Filipinos still prefer cash-to-cash fund transfers, a GCash-commissioned Nielsen study showed. -- GLOBE.COM.PH

Globe Fintech Innovations, Inc. (Mynt), operator of mobile wallet GCash, has raised more than $175 million in fresh capital from investment firm Bow Wave Capital Management, Ayala-led Globe Telecom, Inc. said.

“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,” Globe said in an e-mailed statement.

Globe said the fresh funding for its fintech arm will “further spur the growth of financial inclusion and the digitization of payments and financial services in the Philippines.”

The investment by Bow Wave, a close-ended private equity fund with a mandate to invest globally in online and mobile payment ecosystem companies, “will translate to a minority equity interest in Mynt,” Globe said.

The telco said its fintech arm had recorded a total transaction value of over P1 trillion last year.


“So far, GCash has empowered over 33 million Filipinos with digital financial tools and services through its innovative mobile wallet,” it noted.

Mynt President and Chief Executive Officer Martha Sazon was quoted as saying: “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,” she added. — Arjay L. Balinbin