Philippines’ Voyager raises $167 million from KKR, Tencent

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 Inc, private equity firm KKR & Co Inc and Chinese tech giant Tencent Holdings 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.

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Equities, Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe