Philippine fintech receives $215 million in country’s largest-ever startup funding

Philippine fintech receives 5 million in country’s largest-ever startup fundingOne of the year’s largest fintech investments in Southeast Asia and the largest-ever in the Philippines has closed after Metro Manila-based Voyager Innovations announced it raised $215 million in fresh funds. The majority comes from Chinese investment holding Tencent, which, alongside US private equity firm KKR, agreed to invest $175 million. Adding to that, Voyager will pull in a further $40 million from International Finance Corporation and its Emerging Asia Fund.

Voyager Innovations is the fintech arm of the Philippines’ largest telecommunications firm PLDT and provides various digital services. These include PayMaya, a prepaid payment wallet service, PayMaya Business, a mobile acquiring service, Smart Padala, a mobile-based remittance network, Lendr, a digital lending platform and Freenet, a sponsored platform that provides free web space and access to mobile data for online shops.

The new funding will mainly be used for the domestic expansion of Voyager’s services to tap and cash in on the country’s rapidly growing digital market.

“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,” Manuel V. Pangilinan, chairman and CEO of PLDT, said.

KKR and Tencent’s investment gives them a “substantial” (but unspecified) minority stake in Voyager Innovations.



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One of the year’s largest fintech investments in Southeast Asia and the largest-ever in the Philippines has closed after Metro Manila-based Voyager Innovations announced it raised $215 million in fresh funds. The majority comes from Chinese investment holding Tencent, which, alongside US private equity firm KKR, agreed to invest $175 million. Adding to that, Voyager will pull in a further $40 million from International Finance Corporation and its Emerging Asia Fund. Voyager Innovations is the fintech arm of the Philippines’ largest telecommunications firm PLDT and provides various digital services. These include PayMaya, a prepaid payment wallet service, PayMaya Business, a...

Philippine fintech receives 5 million in country’s largest-ever startup fundingOne of the year’s largest fintech investments in Southeast Asia and the largest-ever in the Philippines has closed after Metro Manila-based Voyager Innovations announced it raised $215 million in fresh funds. The majority comes from Chinese investment holding Tencent, which, alongside US private equity firm KKR, agreed to invest $175 million. Adding to that, Voyager will pull in a further $40 million from International Finance Corporation and its Emerging Asia Fund.

Voyager Innovations is the fintech arm of the Philippines’ largest telecommunications firm PLDT and provides various digital services. These include PayMaya, a prepaid payment wallet service, PayMaya Business, a mobile acquiring service, Smart Padala, a mobile-based remittance network, Lendr, a digital lending platform and Freenet, a sponsored platform that provides free web space and access to mobile data for online shops.

The new funding will mainly be used for the domestic expansion of Voyager’s services to tap and cash in on the country’s rapidly growing digital market.

“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,” Manuel V. Pangilinan, chairman and CEO of PLDT, said.

KKR and Tencent’s investment gives them a “substantial” (but unspecified) minority stake in Voyager Innovations.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

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