Voyager Innovations, the fintech subsidiary of Philippines-based telecommunications provider PLDT, raised $40m in an extension yesterday that brought the round’s total to $215m.
The additional money came from International Finance Corporation (IFC), the private sector investment arm of the World Bank, and its IFC Emerging Asia Fund. It follows a commitment for $175m from internet group Tencent and investment firm KKR in October this year.
The round is expected to close by the end of the year and will reduce PLDT’s stake to below 50%. The corporate will remain the single largest shareholder.
Voyager Innovations has built several digital products such as prepaid mobile wallet PayMaya and PayMaya Business, a related platform that allows merchants to accept mobile payments, as well as mobile-based remittance network Smart Padala.
Other products include digital lending platform Lendr and Freenet, a loyalty app that lets users earn free mobile data.
Voyager Innovations previously stated it will use the funding to strengthen its market position.
Orlando Vea, president and chief executive 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.”
