GCash investment

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. Read more in our articles including "GCash attracts investment from Bow Wave" and "GCash now available in Messenger".