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Globe Fintech Innovations, Inc. (Mynt), the Fintech arm of Globe Telecom and operator of the country’s preferred mobile wallet in GCash, announced on Friday that it has attracted new equity investments from ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management. The investment will be used to further drive the growth of financial inclusion and the digitization of payments and financial services in the Philippines. Mynt revealed that he got up US$ 175 million in fresh equity from Bow Wave and its existing shareholders in multiple tranches, with a post-money valuation of the final tranches at about USBillion dollars.
Speaking of investment, Martha Sazon, President and CEO of Mynt, stated:
“This Bow Wave investment is a validation of both what we have accomplished and GCash’s potential to unlock digital services in the Philippines. The pandemic has acted as a catalyst by highlighting the importance of digital finance in today’s society and with this Bow Wave investment, we hope to further live out our vision of finance for all, enabling democratized access to financial and payment services. for all Filipinos. . “
Mynt also explained that GCash has been helping Filipinos get through their daily lives by providing them with convenient, safe and secure digital payment options.
“As more and more Filipinos turn to digital services, GCash posted a gross transaction value of more than 1 trillion php in 2020, powered by services like online payments, bank charges, and money transfers. So far, GCash has empowered more than 33 million Filipinos with digital financial tools and services through its innovative mobile wallet. Users have been able to maximize the use of their mobile wallets to carry out physical and online transactions, buy airtime cargo, open deposit accounts, save and invest in money market funds and purchase insurance products.
UBS AG acted as financial advisor to Mynt for the transaction.
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