Philippine mobile wallet GCash raises more than $175M

Philippine-based Globe Fintech Innovations Inc., the operator of mobile wallet GCash, raised more than $175 million in capital as it plans to bolster financial inclusion and the digitization of payments and financial services in the country.

Globe Telecom's financial technology arm, also known as Mynt, said it attracted capital investment in multiple tranches from ASP Philippines LP, a fund managed by U.S.-based investment firm Bow Wave Capital Management LP, as well as from existing shareholders. The capital injection raises the valuation of the company to nearly $1 billion.

Bow Wave Capital's investment in Mynt also translates to an undisclosed minority interest in the fintech company. Other terms of the investment remain confidential, according to a Jan. 11 stock exchange filing.

UBS Group AG served as financial adviser for Mynt for the transaction.