GCash secures $175-million funding from New York-based investors

ABS-CBN News

Posted at Jan 08 2021 03:28 PM

MANILA - Mobile wallet GCash has secured a $175-million investment from New York-based investors led by Bow Wave Capital Management, parent company Globe Fintech Innovations (Mynt) said Friday.

The transaction will raise the "valuation" of GCash to "close to $1 billion," Mynt said.

"Bow Wave supports the vision of Mynt to provide finance for all Filipinos. We are excited for this investment and we hope to add value to Mynt as it realizes its vision,” Itai Lemberger, Bow Wave founder and CIO, said.

GCash facilitated over P1 trillion in in-app transactions and raised customers to 33 million in 2020 driven by the faster adoption of online payments and money transfers during the COVID-19 pandemic.

"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,” said Ernest L. Cu, chairman of the Board at Mynt.

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