Mobile payment technology and services have received a potential boost in the Philippines with the recent news of a major sales subscription for leading Philippines’ digital technology company, Voyager Innovations.
Telecommunications and digital services provider PLDT Inc, global investment firm KKR, and Tencent Holdings Ltd, a provider of internet services in China, have announced the signing of agreements under which investors led by KKR and Tencent will separately subscribe to a total of up to $175 million worth of newly-issued shares in Voyager Innovations. This gives them a substantial minority stake in Voyager Innovations, a company focused on developing customer-centric emerging market platforms in the areas of digital payments, digital finance and marketing technologies.
The transaction is expected to be closed in the fourth quarter of 2018. The new external funding in Voyager Innovations is said to mark the largest investment to date in a Philippine technology company.
It’s also a boost for Voyager Innovations’ aims to enable greater access to mobile payments and the internet for the country’s population. Its services to date include prepaid payment wallet service PayMaya; mobile acquiring service PayMaya Business, which enables enterprises of all sizes to accept digital payments; mobile-based remittance network Smart Padala; digital lending platform Lendr; and rewards app freenet.