AsiaNet  87521

MANILA, Philippines, Jan. 8, 2021 /PRNewswire=KYODO JBN/ --

Globe Fintech Innovations, Inc. ("Mynt"), the Fintech arm of Globe Telecom and

operator of the country's preferred mobile wallet in GCash, has attracted fresh

capital investment from ASP Philippines LP, a limited partnership fund managed

by investment firm Bow Wave Capital Management ("Bow Wave"), to further spur

the growth of financial inclusion and the digitization of payments and

financial services in the Philippines. Mynt raised over US$175 million in fresh

capital from Bow Wave and its existing shareholders in multiple tranches, with

post-money valuation of the final tranches at close to US$1 billion.

"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. "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."

Across 2020, GCash has been helping Filipinos get through their daily lives by

providing them with convenient, safe and secure digital payment options.

As more and more Filipinos turn to digital services, GCash recorded gross

transaction value of over Php1 trillion in 2020, spurred by services like

online payments, bank cash-in and sending money. So far, GCash has empowered

over 33 million Filipinos with digital financial tools and services through its

innovative mobile wallet. Users have been able to maximize the use of their

mobile wallets to transact physically and online, to purchase airtime load, to

open deposit accounts, to save and invest in money market funds, and to acquire

insurance products.

"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.

Bow Wave is a close-ended private equity fund with a mandate to invest globally

in online and mobile payment ecosystem companies. Bow Wave's investment in

Mynt, its first in the Philippines, will translate to a minority equity

interest in the Mynt. Other terms of the investment remain confidential.

"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," remarked Itai

Lemberger, Founder and CIO of Bow Wave.

UBS AG acted as financial advisor for Mynt for the transaction.

SOURCE Globe Telecom