IFC invests $40m in Filipino fintech player

It follows a $175 million investment in the company led by KKR and Tencent Holdings in October that was said to be KKR’s first Philippines private equity commitment and the largest-ever investment in a local technology company.

IFC and IFC Emerging Asia Fund will subscribe to newly-issued shares in Voyager and take a minority stake. KKR and Tencent also hold a minority stake. The fresh capital aims to help expand financial inclusion in the country and promote the digital economy through broader use of digital payments.

“Through its Global Innovative Retail Payments program, IFC aims to make financial services much more accessible and affordable to the world’s low-income population by supporting innovative financial services,” Manuel Pangilinan, CEO of PLDT, said in a statement. “That is precisely the goal that PLDT is pursuing through Voyager’s platforms.”

Voyager operates a number of platforms focused on payments, enterprise services, remittances, lending, and e-commerce rewards. PLDT will initially retain its controlling position in the company but is expected to eventually reduce its holding to less than 50%.

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• Topics
• Southeast Asia
• Financials
• Technology
• Philippines
• Financial Services
• IFC