In brief: Tencent-backed Philippine tech firm raises additional $40m funding

Philippine telecommunications provider PLDT, the International Finance Corporation (IFC), and IFC Emerging Asia Fund, a fund managed by IFC Asset Management Company, today announced the signing of agreements under which IFC and IFC Emerging Asia Fund will subscribe to a total of US$40 million worth of newly issued shares in Voyager Innovations for a minority stake.

The investment is expected to further expand financial inclusion in the country and promote the digital economy through broader use of digital payments. IFC and the IFC Emerging Asia Fund will join KKR and Tencent, which previously announced their investment, as investors in Voyager.

Source: PLDT press release

Voyager is Tencent’s first-ever investment in the Philippines. It mainly develops fintech platforms, with mobile wallet PayMaya as its most recognizable product. PayMaya lets Filipinos send money, shop and pay bills online, and buy phone credit.

The new amount brings Voyager’s total external funding to US$215 million, said to be the largest to date for a Filipino tech company. Tencent and KRR’s investment was worth US$175 million.

Following the transactions, PLDT’s ownership in the fintech firm will go down to less than 50 percent. It will, however, remain the single largest shareholder.