BusinessWorld
January 8, 2021 | 7:21 pm
Globe Fintech Innovations, Inc. (Mynt), operator of mobile wallet GCash, has raised more than $175 million in fresh capital from investment firm Bow Wave Capital Management, Ayala-led Globe Telecom, Inc. said.
“Mynt raised over $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 $1 billion,” Globe said in an e-mailed statement.
Globe said the fresh funding for its fintech arm will “further spur the growth of financial inclusion and the digitization of payments and financial services in the Philippines.”
The investment by Bow Wave, a close-ended private equity fund with a mandate to invest globally in online and mobile payment ecosystem companies, “will translate to a minority equity interest in Mynt,” Globe said.
Illustration: Rahul Awasthi
Synopsis
At least 40 new investors have backed Indian technology companies this year, according to data shared by Venture Intelligence.
A large number of new global investors will bet on India’s technology ecosystem in the coming year, in a trend that has been on the up since July, according to 10 investors that ET spoke to.
A clutch of first-time investors came on board this year; for instance, Legend Capital backed ed-tech firm Vedantu; Bow Wave Capital Management and Luxor Capital invested in food delivery app Zomato; Bond Capital came on board ed-tech leader Byjus and Lupa
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