Philippines based fintech firm Voyager Innovations which is run by telecommunication giant of the country, PLDT Inc has announced a fresh fundraising of $215 million. The investment round was co-led by private equity firm KKR along with Tencent who are infusing $175 million together. the remaining $40 million capital is coming from International Finance Corporation (IFC) and their emerging Asia Fund.
The deal reportedly is the largest ever in the Philippines startup history. The company, an arm of telcom giant PLDT, Voyager Innovations was started in 2013 and offers services that include a prepaid wallet, digital payment option for retails, a remittance network for sending money along with loyalty and reward program.
PLDT CEO and Chairman Manuel V. Pangilinan through a statement said, “Voyager can now step up its efforts to make its innovative financial and internet platforms more accessible to more Filipinos in more parts of the country." Pangilinan also said that they will be raising more money in a couple of years time while confirming the current investment round as Series A funding.
Orlando B. Vea, the CEO and President at Voyager Innovations commenting on the deal said, “We believe with investors like KKR and Tencent leading the way, the Philippines’ profile as a destination for tech investment is on the rise."
The company through the capital infusion plans to take the digital economy of the larger Filipino population. PayMaya, Smart Padala; a mobile app-based remittance network, Lendr; a digital lending platform and Freenet are few of the offerings of Voyager Innovations.
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