Philippine mobile wallet GCash raises over $175 million in new capital

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MANILA (Reuters) – Philippine mobile wallet GCash has raised more than $175 million in capital from New York-based private equity fund Bow Wave Capital Management, the financial technology arm of Globe Telecom Inc said.
The capital injection raises the valuation of GCash to close to $1 billion, according to Globe’s disclosure to the stock exchange on Monday. Bow Wave now has a 14% stake in Mynt, which operates GCash, via a local fund it manages.
Globe’s stake has been diluted to 40% from 46%, while Globe parent Ayala Corp’s share has been reduced to 6% from 8%, a Globe spokeswoman told Reuters.
It also reduces the stake held by Ant Financial, the fintech arm of Alibaba, to 40% from 46%.
“The pandemic has acted as a catalyst in highlighting the …

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