SITENAME Logo

Gcash Philippines raises $175 million in fresh capital

Gcash's financial services indeed helped Filipinos in coping up with the new normal.


Gcash Philippines raises $175 million in fresh capital | BEAMSTART News

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.

ABOUT THE AUTHOR

Princess Joy Malinao

Virtual Assistant

Based in Philippines

ALSO MENTIONED IN THIS POST

GCash

Buy load, pay bills, send money, pay with GCash QR, shop online and more -- all using the GCash App!

Industry:

Opportunities:


Have a company of your own? Create a company profile today and easily find customers, raise funds, or hire talent.

BEAMSTART is a Hub for Startup News, Business Networking, and Entrepreneurial Resources. Expand your network, discover new possibilities, and tap into a vast database of resources that can help you go further in your business and career.

 

Download the App

The app for business networking and startup resources. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).