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Philippine mobile wallet GCash attracts over $175 mln in fresh capital

MANILA, Jan 11 (Reuters) - Philippine mobile wallet GCash has raised more than $175 million in investment from a New York-based private equity fund, the financial technology arm of Globe Telecom Inc said.

GCash operator Globe Fintech Innovations Inc, also known as Mynt, said in a statement it had secured fresh capital from ASP Philippines LP, a limited partnership fund managed by Bow Wave Capital Management.

The capital injection raises the valuation of GCash to close to $1 billion, according to the statement Globe disclosed to the stock exchange on Monday.

“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,” Mynt President and CEO Martha Sazon said.

Bow Wave’s investment, which translates to a minority equity interest in Mynt, is its first in the Philippines.

UBS AG acted as financial advisor for Mynt for the transaction. (Reporting by Enrico Dela Cruz Editing by Ed Davies)

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