Current stakeholders of technology company Voyager Innovations, Inc. (Voyager) have committed up to $120 million in fresh capital to fuel its expansion through its financial technology arm PayMaya Philippines, Inc.
The fresh funding will enable PayMaya to accelerate digital and financial inclusion in the country, PLDT, Inc. said in a statement on Monday.
PLDT, China’s Tencent Holdings Ltd., US-based Kohlberg Kravis Roberts & Co. (KKR), International Finance Corp. (IFC), and IFC Emerging Asia Fund have “signed agreements to commit up to $120 million in new funding towards the expansion efforts of Voyager,” the Pangilinan-led telecommunications and digital services provider said.
In 2018, PLDT sold more than 50% of its stake in Voyager for $215 million (about P10.91 billion) to Tencent, KKR, IFC, and IFC Emerging Asia Fund. PLDT remains the single largest shareholder in the technology firm.
In a joint statement, Voyager’s stakeholders said: “This fresh round of investment is a testament to Voyager’s success in providing Filipinos with access to convenient, relevant and inclusive digital financial services through PayMaya. This is also a recognition of the significant role that the Philippine financial technology industry can play in providing meaningful digital solutions to many of the crucial and very-human challenges that the Philippine community faces today.”
Voyager Chief Executive Officer and Founder Orlando B. Vea said: “In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population. This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important.”
Voyager’s portfolio, aside from PayMaya, includes PLDT’s mobile remittance brand Smart Padala and financial technology firm FINTQnologies Corp. whose products include digital banking, digital aid and finance, and digital lending platforms.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin