Voyager Innovations, the digital services arm of PLDT, a leading telecommunications and digital services provider in the Philippines, has secured US$215 million in fresh funding from a host of international investors.
While Tencent and KKR together invested US$175 million into the firm, the remaining US$40 million came from International Finance Corporation (IFC), and IFC Emerging Asia Fund, a fund managed by IFC Asset Management Company.
The financing will be used to expand financial inclusion in the Philippines and promote the digital economy through broader use of digital payments.
Upon the close of the round before the end of the year, PLDT’s ownership stake in Voyager will be less than 50 per cent, but will still b the single largest shareholder.
Orlando B. Vea, President and CEO of Voyager Innovations, said: “Our mission is to accelerate digital and financial inclusion in the Philippines, so all Filipinos can participate in the digital economy. IFC and IFC Emerging Asia Fund’s investment will enable us to scale up our efforts especially in the digital financial services space.”
“Through its Global Innovative Retail Payments Program, IFC aims to make financial services much more accessible and affordable to the world’s low-income population by supporting innovative financial services. That is precisely the goal that PLDT is pursuing through Voyager’s platforms,” said Manuel V. Pangilinan, Chairman and CEO of PLDT and Smart Communications.
Voyager Innovations is focused on developing customer-centric emerging market platforms in the areas of digital payments and marketing technologies. Its products include Smart Padala (mobile remittance), Freenet (internet service), hatch (marketing), PayMaya Business (digital payments), VYGR (digital performance marketing), Lendr (online lending for businesses), and FINTQ.