GCash operator raises USD 175 million in fresh capital

Globe Telecom's financial technology arm has raised more than USD 175 million in fresh capital after experiencing growth during the Coronavirus pandemic.

File photo: GCash app

GCash secures new funding

Globe Fintech Innovations, Inc. (Mynt), the operator of mobile wallet GCash, secured the new funding from investment firm Bow Wave Capital Management. 

Following the transaction, Mynt's valuation is at almost USD 1 billion. 

Martha Sazon, President and Chief Executive Officer of Mynt, said this investment from the New York-based Bow Wave was a "validation" of GCash' strengthened popularity in the Philippines.

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, Sazon said.

In 2020, GCash recorded a gross transaction value of over PHP 1 trillion propelled by online payments, bank cash-in, and sending money. It now has 33 million Filipino users onboard its platform. 

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.