Globe Fintech Innovations secures funding to support financial inclusion in the Philippines

Globe Fintech Innovations, which operates the mobile wallet GCash, has received an investment to support the growth of financial inclusion.

The company received the capital from ASP Philippines, a limited partnership fund managed by investment firm Bow Wave Capital Management.

Globe Fintech Innovations (Mynt) raised more than $175m in capital from Bow Wave and existing shareholders across multiple tranches. Its post-money valuation is near $1bn, it claims.

With this capital injection, the company hopes to support the growth of financial inclusion and the digitisation of payments and financial services in the Philippines.

Philippines-based Global Fintech Innovations offers a variety of mobile money, micro loans, payments, remittance and other financial services.

The company claims to have supported more than 33 million Filipinos with digital financial tools and services. Users have been able to maximise the use of their mobile wallets to transact physically and online, purchase airtime, open deposit accounts, save and invest money and buy insurance.

Mynt board chairman Ernest Cu said, “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.”

Last year, fellow Philippines FinTech company PayMongo reportedly raised $12m in its Series A round, which was led by payments monolith Stripe.

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