Mynt, the Company behind GCash, to be Worth Nearly $1 Billion

Mynt or Global Fintech Innovations Inc., the company behind GCash, will be worth almost $1 billion after raising more capital to fund its expansion.

Mynt announced a $175 million investment deal from New York-based Bow Wave Capital Management and existing shareholders Globe Telecom, Jack Ma’s Ant Financial, and Ayala Corp.

Martha Sazon, president and CEO of Mynt, said “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,”

With this transaction, Mynt will be owned by Globe (40%), Ant Financial (40%), Bow Wave (13%), and Ayala (7%).

Itai Lemberger, Bow Wave founder, said “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,”

Source: Inquirer