Globe Fintech Innovations (Mynt), the Fintech arm of Globe Telecom and operator mobile wallet service GCash, has attracted fresh capital investment from New York-based investment firm Bow Wave Capital Management.
Mynt raised over $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 $1 billion.
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.
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.
Said Ernest L. Cu, Chairman of the Board of Mynt
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.
