Philippines’ e-wallet Gcash rakes in over $175 million in new capital
Globe Telecom Inc., the largest mobile network operator in the Philippines, said its fintech (financial technology) arm Gcash has successfully acquired more than $175 million in capital from Bow Wave Capital Management, a New York-based private equity fund.
With this additional capital acquisition, Gcash’s valuation has also increased, nearing $1 billion, as disclosed by its mother firm, Globe telecom to the stock exchange on Monday. In effect, Bow Wave Capital Management has a 14% stake in Mynt, which operates GCash, via a local fund it manages.
Additionally, a Globe official also divulged that its stake has been diluted to 40% from 46% previously, while its mother company, Ayala Corporation, has also decreased to 6% from 8%.
Gcash’s raised valuation has reduced Alibaba’s fintech arm Ant Financial to 40% from a previous 46%.