Filipino payments firm Voyager Innovations has raised $120m in funding from a group of investors.

The backers are Philippines’ telecom firm PLDT, investment firm KKR, Tencent, World Bank Group member IFC, and the IFC Emerging Asia Fund.

“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,” the investors stated.

The latest infusion builds on a funding of $215m made by KKR, Tencent, IFC as well as the IFC Emerging Asia Fund to Voyager in 2018.

Using the fresh capital, Voyager intends to support its expansion efforts in the Philippines.

Voyager operates the mobile payments platform PayMaya Philippines and offers mobile remittance through Smart Padala partner touchpoints.

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The new investment forms part of a broader funding initiative for Voyager.

The firm is also in talks with more backers.

Voyager president Shailesh Baidwan said: “Today, more than ever, our end-to-end digital financial services are becoming more relevant and embedded in the daily lives of Filipinos – from sending money, buying airtime load, or paying for purchases through our PayMaya wallet, bridging the unbanked and underserved via mobile remittance through our over 27,000 Smart Padala partner touchpoints in communities, to enabling payment acceptance for all kinds of merchants.

“This investment will enable us to better support our financial inclusion thrust, while allowing us to expand to adjacent services.”