GCash Inches Closer to Unicorn Status With $175 Million Capital Raise
Globe Fintech Innovations, Inc. (Mynt), the fintech arm of Globe Telecom and operator of e-wallet GCash, raised over $175 million in fresh capital and inches closer towards achieving unicorn status with a post-valuation close to the $1 billion mark.
The funding came from ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management (Bow Wave).
“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.
“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.”
GCash had recorded PHP 1 trillion in transactions for the year 2020 and its customer base is said to have grown to more than 33 million.
“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 L. Cu, Chairman of the Board of Mynt.
Other terms of the investment remain confidential and UBS AG acted as financial advisor for Mynt for the transaction.