Philippines-based PLDT revealed existing investors including KKR and Tencent committed up to $120 million in new funding for Voyager Innovations to drive growth of the fintech unit’s digital payment service.
In a statement, PLDT said the investment is part of a broader fundraising effort aimed at supporting then unit’s core PayMaya mobile wallet business as it pursues a mission to accelerate digital and financial inclusion in the Philippines.
The operator also indicated it is in talks with other strategic and financial investors.
Orlando Vea, CEO and founder of Voyager Innovations, said it made significant strides in spurring cashless adoption in a largely unbanked population, adding the latest funding boosts PayMaya’s reach as access to digital financial services becomes even more important.
Voyager Innovations, which reduced its annual loss from PHP3 billion ($59.2 million) in 2018 to PHP1.2 billion in 2019, is looking to PayMaya to help turn around its fortunes. In November 2019, PLDT chairman and CEO Manuel Pangilinan said he doesn’t expect the fintech unit to make a profit until 2024.
In addition to KKR and Tencent, the latest funding round was supported by asset management company IFC and the IFC Emerging Asia Fund. The organisations invested a total of $215 million in Voyager Innovations in late 2018.Subscribe to our daily newsletter Back