Technology

New investment boosts Gcash valuation to $1B

GCash operator Globe Fintech Innovations Inc. (Mynt) secured over $175 million in fresh capital from New York-based private equity fund Bow Wave Capital Management.

“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,” said Martha Sazon, president and CEO of Mynt.

With this new investment, Mynt’s valuation will increase to nearly $1 billion.

The fintech arm of Globe Telecom and operator of the country’s preferred mobile wallet GCash recorded gross transactions of over P1 trillion last year as more and more Filipinos turned to digital services to send money or payment.

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.

“We have made significant gains in 2020 that further cemented our status as the leading finance app in the country. We are further encouraged by the fact that 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,” said Ernest L. Cu, Mynt chairman.

Bow Wave’s investment in Mynt, its first in the Philippines, will translate to a minority equity interest in the Mynt.

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