PLDT fintech unit Voyager raises $167M - Mobile World Live

PLDT fintech unit Voyager raises $167M

28 JUN 2021

Philippines-based PLDT’s digital unit Voyager Innovations raised $167 million from existing investors KKR and Tencent, and added a World Bank unit as a new investor to drive its expansion into financial services and start a digital bank.

Participating in the funding were PLDT, KKR, Tencent and IFC Asset Management, a division of World Bank Group member International Finance. The investment includes $121 million in new funding and $46 million from previously committed funds.

The World Bank is an existing investor in Voyager Innovations.

PLDT stated the additional investments would be used to “fast-track financial inclusion” in the Philippines through its fintech arm PayMaya Philippines.

Voyager Innovations also applied for a digital bank licence with the country’s central bank, PLDT said.

Shailesh Baidwan, Voyager Innovations and PayMaya president, said: “As we did with payments and remittances, we will enable the large masses of Filipinos to leapfrog into a new stage of financial inclusion through integrated digital financial services.”

The operator noted only one in three Filipino adults has a formal bank account, and only 3 per cent have borrowed from banks, with more than 77 per cent of the population lacking insurance.

In April 2020, existing investors including KKR and Tencent committed up to $120 million to drive growth of Voyager Innovation’s digital payment service.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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