KKR and Tencent Holdings have signed an agreement with PLDT to separately subscribe a total of up to $175m of new shares in Voyager Innovations.
A Philippine fintech company, Voyager Innovations focuses on offering payment and financing services through digital platforms.
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The transaction is set to close by the end of this year. It will provide KKR and Tencent Holdings a significant minority stake in Voyager Innovations. However, PLDT will continue to remain its majority shareholder.
PLDT chairman, president and CEO Manuel Pangilinan said: “Having global powerhouses such as KKR and Tencent as investors in Voyager Innovations demonstrates not only their confidence in the company’s ability to execute its vision, but also their confidence in the Philippine technology industry as a whole.”
With the new capital and investment, Voyager Innovations intends to work to strengthen its mobile payments business in the Philippines. It also aims to accelerate digital and financial inclusion in the country.
The company’s technology platforms offer multiple digital services including PayMaya, a prepaid payment wallet for online purchases and remittances.
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By GlobalDataIt also offers PayMaya Business, which enables enterprises to accept digital payments; and a digital lending platform called Lendr.
In addition, the platforms also support Smart Padala, a mobile-based remittance network in the Philippines.
Commenting on the investment, KKR Southeast Asia team director Terence Lee said: “Voyager Innovations provides critical digital and financial services to millions of Filipinos looking to join the digital economy for work and play.
“We look forward to leveraging our industry expertise and resources to help enhance the company’s mission of financial inclusion and accelerate its growth. This is a time when the digital economy is more important than ever.”
