GCash secures $ 175 million in funding from New York-based buyers
MANILA – Mobile Wallet GCash has received a $ 175 million investment from New York-based investors led by Bow Wave Capital Management, parent company Globe Fintech Innovations (Mynt) announced on Friday.
The transaction will increase GCash’s “valuation” to “nearly $ 1 billion,” Mynt said.
“Bow Wave supports Mynt’s vision of funding all Filipinos. We are excited about this investment and hope to add value to Mynt if it realizes its vision,” said Itai Lemberger, Founder and CIO of Bow Wave.
GCash enabled in-app transactions worth over P1 trillion and increased the number of 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 exited quarantine restrictions, indicating a fundamental change in our customers’ behavior towards a cashless lifestyle,” said Ernest L. Cu, CEO at Mynt.
GCash, investments, venture capital, bow wave, contactless payment, mobile wallet, online payments