Globe Telecom’s fintech arm Mynt raised more than $175 million from Bow Wave Capital Management and existing shareholders as it prepares to expand its mobile wallet service across the Philippines.

Bow Wave Capital Management is a private equity fund focused on online and mobile payment ecosystem companies: the investment is its first in the Philippines and includes a minority equity interest in Mynt.

Globe Telecom said the terms of the investment remain confidential.

In a statement, Bow Wave Capital Management founder and CIO Itai Lemberger said Mynt had made great strides in the Philippines’ fintech sector: “Recognising this fact and our shared values, Bow Wave supports the vision of Mynt to provide finance for all Filipinos.”

Mynt president and CEO Martha Sazon said the investment is validation of what it has accomplished and the potential of its GCash mobile wallet to unlock digital services. She noted the Covid-19 (coronavirus) pandemic had “acted as a catalyst in highlighting the importance of digital finance in society”, and the investment advanced its goal of delivering “finance for all”.

GCash users jumped 65 per cent year-on-year to 33 million in 2020 and daily gross transaction value peaked at a PHP7.5 billion ($156 million), with more than 6 million transactions a day.