Metro Manila — Globe Fintech Innovations, Inc. , the fintech arm of Globe Telecom and operator of the country’s preferred mobile wallet GCash, has attracted fresh capital investment from ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management , to further spur the growth of financial inclusion and the digitization of payments and financial services in the Philippines.
“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,” said Martha Sazon, president and chief executive officer of Mynt.
As more and more Filipinos turn to digital services, GCash recorded a gross transaction value of over ₱1 trillion in 2020, spurred by services like online payments, bank cash-ins, and money transfers. “We have made significant gains in 2020 that further cemented our status as the leading finance app in the country. 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,” said Ernest L. Cu, chairman of the board of Mynt.