Globe Fintech Innovations, Inc. (“Mynt”), the financial technology (fintech) arm of Globe Telecom and operator of GCash, has attracted fresh capital investment from ASP Philippines LP, a limited partnership fund.
ASP Philippines LP is managed by investment firm Bow Wave Capital Management. The move hopes to strengthen the growth of financial inclusion and the digitization of payments and financial services in the Philippines.
Mynt raised over US$175 million in fresh capital from Bow Wave and its existing shareholders in multiple tranches. Post-money valuation of the final tranches is at close to $1 billion.
“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 Chief Executive Officer of Mynt said in a statement.
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,” Sazon added.
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 enabled over 33 million Filipinos to use digital financial tools and services through its innovative mobile wallet. Users were 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. We are confident in Mynt’s future prospects as a unicorn in the Philippines.” said Ernest Cu, Chairman of the Board of Mynt.
Bow Wave is a close-ended private equity fund with a mandate to invest globally in online and mobile payment ecosystem companies, particularly in strategic partners and investments of the Ant Financial and Alibaba Group. Bow Wave’s investment in Mynt, its first in the Philippines, will translate to a minority equity interest in Mynt.
Other terms of the investment remain confidential.
“Mynt has made great strides in the fintech space in the Philippines. Recognizing this fact and our shared values, Bow Wave supports the vision of Mynt to provide finance for all Filipinos. We are excited for this investment and we hope to add value to Mynt as it realizes its vision,” remarked Itai Lemberger, Founder and CIO of Bow Wave.
UBS AG acted as financial advisor for Mynt for the transaction.