Globe Fintech Innovations from the Philippines, the FinTech branch of Globe Telecom and mobile wallet operator GCash, landed $ 175 million in additional venture capital. In a press release, Globe Fintech, known as Mynt, said Bow Wave Capital Management and other existing investors all participated in the fundraiser.
Global values of the transaction Mynt to almost a billion dollars. On its website, the Manila-based company indicates that it is a FinTech “start-up partnership” between Globe Telecom, Ayala Corp. and Ant Group, based in China.
“This investment from Bow Wave is a validation of both what we have accomplished and of GCash’s potential to unlock digital services in the Philippines,” said Marthe Sazon, President and CEO of Mynt. “The pandemic has acted as a catalyst in highlighting the importance of digital finance in today’s society.”
During the pandemic, “GCash has helped Filipinos go about their daily lives by providing them with convenient, safe and secure digital payment options,” the statement said. GCash has 33 million customers in the Philippines.
The mobile wallet provides users with “digital financial tools and services” which even include opening deposit accounts, investing in money market funds and purchasing insurance products.
Mynt “made significant gains in 2020 which have strengthened our status as the country’s leading financial application,” said Ernest L. Cu, the chairman of the board of directors of the company. He added that company executives “are even more encouraged that Mynt’s momentum has continued, even as the country has lifted quarantine restrictions.”
Management is “confident in Mynt’s future prospects as a unicorn in the Philippines,” Cu said in the statement. Unicorn is a private startup worth over $ 1 billion.
Sazon said the company was addressing its “vision of finance for all, enabling democratized access to payment and financial services for all Filipinos.”
GCash is one of the mobile wallet brands this Remitly added to its network last year. The Seattle-based company sells financial services products aimed at making it easier for immigrants to send money electronically to their home country.