Internet group Tencent and investment KKR agreed yesterday to jointly lead an investment of up to $175m in Voyager Innovations, the fintech subsidiary of Philippines-based telecommunications provider PLDT.
KKR will participate through its KKR Asian Fund III, and the deal is expected to close in the fourth quarter of 2018. Other investors may join the round, which would reduce PLDT’s shareholding in Voyager to less than 50% but allow the corporate to retain the largest single stake.
Voyager Innovations operates a range of digital services products including PayMaya, a prepaid digital wallet; PayMaya Business, a related platform that allows merchants to accept mobile payments; and a mobile-based remittance network called Smart Padala.
The company’s other services include digital lending platform Lendr and Freenet, a rewards app where users can earn free mobile data. It will use the funding to strengthen its market position.
Orlando Vea, Voyager Innovations’ president and CEO, said: “This is a watershed moment not only for Voyager Innovations but also for the Philippines. With this investment by KKR and Tencent, we will trigger an inflection point in digital adoption and financial inclusion in the country.”
Tencent chief strategy officer James Mitchell added: “Voyager Innovations connects the growing smartphone population in the Philippines to online payments and financial services. Tencent is glad to support Voyager Innovations and to advance financial inclusion.”
