Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Saturday, January 09 2021 - 01:10
GCash attracts fresh investment from Bow Wave
MANILA, Philippines, Jan. 8, 2021 /PRNewswire-AsiaNet/ --

Globe Fintech Innovations, Inc. ("Mynt"), the Fintech arm of Globe Telecom and 
operator of the country's preferred mobile wallet in GCash, has attracted fresh 
capital investment from ASP Philippines LP, a limited partnership fund managed 
by investment firm Bow Wave Capital Management ("Bow Wave"), to further spur 
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, with 
post-money valuation of the final tranches at close to US$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. "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."

Across 2020, GCash has been helping Filipinos get through their daily lives by 
providing them with convenient, safe and secure digital payment options.

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 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. We are confident in Mynt's future prospects as a unicorn 
in the Philippines," said Ernest L. 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. Bow Wave's investment in 
Mynt, its first in the Philippines, will translate to a minority equity 
interest in the 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.

SOURCE Globe Telecom