Private equity fund Bow Wave Capital Management has invested a considerable sum of $175 million in Globe Fintech Innovations, also known as ‘Mynt’ and operator of the Philippines’ most popular mobile wallet GCash.
The investment in Mynt, the fintech branch of Global Telecom, was made via Bow Wave’s limited partnership fund ASP Philippines AP. Under the terms of the agreement, the firm will gain a minority equity interest in Mynt.
Founder and CIO at Bow Wave, Itai Lemberger, commented: “Mynt has made great strides in the fintech space in the Philippines. Recognizing this fact and our shared values, 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.”
As with many other countries across the globe, consumers in the Philippines are increasingly using cashless transactions and digital services as a result of the COVID-19 outbreak.Mynt has been at the forefront of this transition, providing digital financing tools and software to over 33 million Filipino customers.
The firm’s President and Chief Executive Officer, Martha Sazon, said: “This investment from Bow Wave is a validation of both what we have accomplished as well as the potential of GCash in unlocking digital services in the Philippines.”
“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.”
Mynt’s customers have been able to use the company’s service to conduct both physical and online transactions, open deposit accounts, maintain savings and invest in market funds, among other financial activities.
“We have made significant gains in 2020 that further cemented our status as the leading Finance app in the country,” added Ernest L. Cu, Chairman of the Board of Mynt.
“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. We are confident in Mynt’s future prospects as a unicorn in the Philippines.”
