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 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,” Mynt President and CEO Martha Sazon said.