GCash attracts investment from Bow Wave
GCash, under its operator Globe Fintech Innovations, Inc. (Mynt), has recently attracted fresh capital investment from ASP Philippines LP, a limited partnership fund operated by investment firm Bow Wave Capital Management (Bow Wave), to further increase the growth of financial inclusion and the digitization of payments and financial services in the Philippines.
Bow Wave is a close-ended private investment firm 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. Its investment in GCash is the company’s first in the Philippines. This grants Bow Wave a minority equity interest in GCash. Other terms of the investment remain confidential.
Under the agreement, GCash operator Mynt raised over USD 175 million in fresh capital from Bow Wave and its existing shareholders in multiple tranches, with a post-money valuation of the final tranches at close to USD 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, 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.”
Previously, GCash recorded transactions over PHP 1 trillion in 2020, which heavily brought by its online payments, bank cash-in, and sending money services. There are currently over 33 million GCash users in the Philippines.
“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 the financial advisor for Mynt for the transaction.