Philippines' Voyager raises $167 million from KKR, Tencent
Reuters
Published Jun 28, 2021 12:26AM ET
Updated Jun 28, 2021 03:05AM ET
(Corrects headline and paragraph 3 to show IFC is a unit of the World Bank Group, not the World Bank)
MANILA (Reuters) - Philippine digital and financial services firm Voyager Innovations has raised $167 million for its expansion programme, including a venture into digital banking, its listed and largest shareholder said on Monday.
Shareholders PLDT (NYSE:PHI) Inc, private equity firm KKR & Co (NYSE:KKR) Inc and Chinese tech giant Tencent Holdings (OTC:TCEHY) Ltd participated in the funding round, PLDT said in a disclosure.
Voyager, which serves 38 million Filipinos through its consumer platforms that include e-wallet and digital payments, welcomed a unit of the World Bank Group's International Finance Corp (IFC) as a new investor.
The fintech firm said it applied for a digital banking license with the Philippine central bank, which has so far granted three firms an approval to operate.
Only a third of Filipinos have a formal bank account, among the lowest in Asia, giving fintech firms an attractive leeway for growth.
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Written By: Reuters
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