GCash is Worth $2 Billion, According to Its New U.S. Investor

Its parent, Mynt, raised $300 million in fresh capital.

by Reuters

Photo/s: reportr.world

Mynt, which operates GCash, said on Tuesday it raised $300 million (P15 billion) in capital from U.S. private equity firms Warburg Pincus and Insight Partners, valuing the financial technology firm at $2 billion (P101 billion).

Mobile wallet GCash exploded during the COVID-19 lockdowns with 48 million users and projected P3 trillion pesos in gross transaction value this year.

The company is partly owned by Globe Telecom, Ayala Corp, Bow Wave, and Ant Financial, the financial technology arm of Alibaba.

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