Globe Telecom mobile wallet raises $175M in fresh investment

Details: Manny Pham; Category: Mobile Finance; 11 January 2021; 5461 views

Philippines-based mobile wallet platform GCash gained an investment of over $175 million from private equity company Bow Wave Capital Management (Bow Wave) and shareholders, as part of the financial growth plans of Globe Telecom.

In a statement, Globe Telecom said the cash injection raised the valuation of the mobile wallet platform close to $1 billion.

Martha Sazon, president and chief executive officer of GCash operator Mynt, said: “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."

The company stated gross transaction value was at over PHP1 trillion in 2020 ($20.7 billion), spurred by online payments, bank-cash-in, and money transfers. Around 33 million people use the GCash mobile wallet.

Ernest Cu, Mynt chairman of the board said “momentum has continued” as the country moves out of quarantine measures, “suggesting a fundamental shift in our customers' behaviour towards a cashless lifestyle”.

Through the investment Bow Wave now holds a 14% stake in Mynt, this is the private equity firm’s first investment in the Philippines, reported Reuters.