Mynt (Globe Fintech Innovations), a subsidiary of Globe Telecom and operator of mobile wallet Gcash, has raised $175 million in funding from a private equity fund.
This fresh funding was infused by ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management, which is the first time in the Philippines.
"Mynt raised over $175 million in fresh capital from Bow Wave and the existing shareholders in multiple tranches, with a post-money valuation of the final tranches at close to $1 billion," the fintech firm today disclosed.
Martha Sazon, the President and Chief Executive Officer of Mynt, said that this investment from Bow Wave is a validation of what Mynt has accomplished and with Gcash potentially unlocking the digital services in the country.
"The pandemic has acted as a catalyst in highlighting the importance of digital finance in society today, and with this investment from Bow Wave Capital Management, we look forward to further living out our vision of financial services for all," she added as more Filipinos turn towards digital services, specifically on banking during the lockdown.
Empowering more than 33 million Filipinos through its innovative digital wallet, Gcash's financial services is helping Filipinos in coping up with the new normal.
The app allows Filipinos to access banking convenience, load purchase, open deposit accounts, save and invest money options in market funds, as well as to acquire insurance products.
Ernest L. Cu, Chairman of the Board of Mynt, said that Mynt had made significant gains in 2020. The firm is encouraged as well by Mynt's momentum, despite the quarantine restrictions.
"We are confident in Mynt's future prospects as a unicorn in the Philippines," he added.