Mynt raised the total amount over multiple tranches from ASP Philippines, a limited partnership fund managed by investment firm Bow Wave Capital Management, and existing shareholders. This brings the company’s post-money valuation close to USD 1 billion, it said in a statement.
So far, the company claims that GCash has helped over 33 million Filipinos transact both online and offline, open deposit accounts, invest in money market funds, and acquire insurance products. Bow Wave is a close-ended PE fund that looks to invest in online and mobile payment opportunities globally, particularly in strategic partners and investments of Ant Group and Alibaba.
The PE funds investment into Mynt marks Bow Wave’s first in the Philippines, which will translate into a minority equity interest in Mynt, according to the statement. Other terms of the deal were not disclosed.
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