Listed telecommunications and digital services provider PLDT has announced the completion of the $40-million (P2.1 billion) investment of the International Finance Corporation (IFC) and the IFC Emerging Asia Fund in Voyager Innovations.
In a disclosure to the Philippine Stock Exchange, PLDT said the closing of the $40-million investment of the IFC and the IFC Emerging Asia completes the $215-million fund raise into Voyager Innovations, which includes $175 million from KKR and Tencent Holdings.
PLDT’s stake in Voyager Innovations is now below 50 per cent but still remains the largest single shareholder in the tech firm.
The investment of IFC and IFC Emerging Asia Fund is expected to further expand financial inclusion in the Philippines and promote the digital economy through broader use of digital payments.
“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,” said PLDT and Smart Communications chairman and CEO Manuel V. Pangilinan.
Founded in 2013, Voyager Innovations offers mobile money and payments (under the PayMaya brand), mobile-based remittances (Smart Padala), digital lending (Lendr) and solutions for businesses to receive online and card payments anytime, anywhere (PayMaya Business).
Voyager’s other services include TackThis! that allows merchants to easily set up an online shop; online marketplace Takatack; and data sponsored platform and customer engagement tool freenet.
“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,” said Voyager Innovations president and CEO Orlando B. Vea.
IFC Emerging Asia Fund is a fund managed by IFC Asset Management Company. – BusinessNews.ph