Sunday, March 3, 2024

VC arm of Telstra invests in PH financial site

Australian telco may have backed out of its multi-billion partnership with San Miguel Corp. but its venture capital unit recently invested in a consumer financial website in the Philippines.


Matthew Koertge, managing director Telstra Ventures, said the investment has been driven by the fact that as more consumers go online and digital disruption transforms the financial services sector, there are exciting e-commerce opportunities in markets like the Philippines and Indonesia.

?C88?s properties, in Indonesia and in the Philippines, are the largest financial sites in their respective markets, connecting banks and insurers with consumers across a number of products, including loans, mortgages and insurance,? said Koertge.

?They offer e-commerce ?apply now? functionality to consumers that is directly linked to the issuing bank or insurer, which means it is easy to use and creates a new customer on-boarding channel for financial institutions.?

This is the fourth ventures investment in Asia by Telstra Ventures over the past 12 months.

JP Ellis, co-founder and group CEO of C88, welcomed the investment from Telstra as the company completed its Series-B financing round, which include participation from existing investors Monk?s Hill Ventures and Kejora Ventures.

?This investment round provides us with the funding necessary to scale up our market leadership in Indonesia and the Philippines,? said Ellis.


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