Mynt filipino telecom 175m techasia

Globe Fintech Innovations (Mynt), the telecom giant Globe’s fintech division and provider of the e-wallet service GCash in the Philippines, has acquired $175 million in new investment to take advantage of the boom in mobile payment usage brought on by Covid-19. mynt filipino telecom 175m techasia.

Mynt raised the entire sum through ASP Philippines, a limited partnership fund run by investment company Bow Wave Capital Management, and current stockholders over several instalments. According to a statement from the firm, this nearly doubles its post-money valuation to USD 1 billion. filipino globe telecom 175m 1bcordon.

The epidemic has brought attention to digital finance’s value in modern culture. According to Mynt, online payment services, bank cash-ins, and money transfers helped GCash achieve a gross transaction value of over 1 trillion pesos (US$20.8 billion) in 2020. According to the business, GCash has aided over 33 million Filipinos to conduct online and offline transactions, open bank accounts, invest in money market funds and purchase insurance policies. mynt telecom 175m 1bcordon techasia.

The fact that Mynt’s momentum has persisted even after the nation was released from quarantine restrictions and suggested a fundamental change in our consumers’ behaviour toward a cashless lifestyle gives them hope. Bow Wave is a closed-ended private equity fund that seeks to invest in worldwide prospects for online and mobile payments, notably in key partners and holdings of Ant Group and Alibaba. mynt filipino globe telecom techasia.

According to the release, Bow Wave is investing its first PE fund in the Philippines into Mynt, resulting in a minority ownership stake in the company. The agreement’s other details weren’t made public. Mynt, which had 3 million registered users in the nation at the time, was acquired by Ant Group in 2017 for a “significant minority investment.”