Globe Fintech Innovations (Mynt), the operator of the Philippines’ mobile wallet GCash, has secured $175m in its latest funding round.

The fresh capital came from ASP Philippines, a fund managed by a close-ended private equity fund Bow Wave Capital Management (Bow Wave).

Bow Wave and its existing shareholders made the investment in multiple tranches. The company intends to use the money to accelerate financial inclusion and digitisation of payments and financial services in the Philippines.

Through the latest funding round, Mynt has reached a post-money valuation of close to $1bn.

GCash has provided digital payment options, financial tools, and services to over 33 million Filipinos via its mobile wallet, so far.

Last year, the company has recorded more than PHP1trn ($20.78bn) in gross transaction value.

It allows users to make online and physical transactions for recharges, to open deposit accounts, save and invest in the money market, and buy insurance products, via its mobile wallet.

Mynt president and CEO Martha Sazon said: “The pandemic has acted as a catalyst in highlighting the importance of digital finance in society today and with this investment from Bow Wave, we look forward to further living out our vision of finance for all, enabling democratized access to payment and financial services to every Filipino.”

Mynt chairman of the board Ernest Cu said: “We have made significant gains in 2020 that further cemented our status as the leading Finance app in the country.

“We are further encouraged by the fact that Mynt’s momentum has continued, even as the country moved out of quarantine restrictions, suggesting a fundamental shift in our customers’ behaviour towards a cashless lifestyle.”

Bow Wave mainly invests in online and mobile payment ecosystem companies. The latest investment will give the firm a minority stake in Mynt.

Bow Wave founder and CIO Itai Lemberger said: “Mynt has made great strides in the fintech space in the Philippines. Recognizing this fact and our shared values, Bow Wave supports the vision of Mynt to provide finance for all Filipinos.

“We are excited about this investment and we hope to add value to Mynt as it realises its vision.”