Globe Fintech Innovations Inc. (Mynt), the company behind digital financial services provider GCash, will be worth almost $1 billion after raising more money to support its expansion.
The company announced on Friday a $175-million investment deal from New York-based Bow Wave Capital Management and existing shareholders Ayala Corp., Globe Telecom and Chinese billionaire Jack Ma’s Ant Financial.
Services like GCash have been surging during the COVID-19 pandemic with demand for cashless transactions on the rise and businesses shifting their operations online.
“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,” Martha Sazon, president and CEO of Mynt, said in a statement.
Mynt said the investment would be done in multiple phases, with the pricing of the final tranches valuing the company at “close to $1 billion,” turning it into what finance circles call a unicorn.
“We are confident in Mynt’s future prospects as a unicorn in the Philippines,” Mynt chair Ernest Cu said in the same statement.
Mynt said Bow Wave’s investment was made through ASP Philippines LP, a limited partnership fund.
With this transaction, Mynt will be owned by Globe (40 percent), Ant Financial (40 percent), Bow Wave (13 percent) and Ayala (7 percent), a Globe spokesperson said.
GCash previously announced that it handled over P1 trillion in transactions and reached 33 million users in 2020.
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 Ma’s Alibaba Group.
“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,” Bow Wave founder Itai Lemberger said.