Local tech titan PLDT announced on Monday, November 26, that it has signed an agreement with new investors who will bring in $40 million in exchange for a minority stake in its digital solution firm Voyagers Innovations.
In a statement, PLDT said International Finance Corporation (IFC) and IFC Emerging Asia Fund, a fund managed by the IFC Asset Management Company (AMC), will subscribe to a total of $40-million worth of newly issued shares in Voyager Innovations.
PLDT said the investment is expected to help further expand financial inclusion in the country and promote the digital economy through broader use of digital payments.
IFC and the IFC Emerging Asia Fund will join KKR and Tencent, which previously announced their investment, as investors in Voyager Innovations.
Upon the close of the investments of KKR, Tencent, IFC and IFC Emerging Asia Fund which is expected before the end of the year, PLDT?s ownership stake in Voyager Innovations will be less than 50% while still remaining as the single largest shareholder.
With these investments, the total new external funding raised by Voyager Innovations will increase from $175 million, as announced in October 4, 2018, to $215 million. The combined investment continues to make this fund raise the largest investment to date in a Philippine technology company, PLDT said.
“We at PLDT are quite happy to welcome the investment of the International Finance Corporation and the IFC Emerging Asia Fund in Voyager Innovations. In this undertaking, we are kindred spirits. Through its Global Innovative Retail Payments Program, IFC aims to make financial services much more accessible and affordable to the world’s low-income population by supporting innovative financial services. That is precisely the goal that PLDT is pursuing through Voyager’s platforms,? said Manuel V. Pangilinan, chairman and CEO of PLDT and Smart Communications.
Orlando B. Vea, president and CEO of Voyager Innovations, said: “Our mission is to accelerate digital and financial inclusion in the Philippines, so all Filipinos can participate in the digital economy. IFC and IFC Emerging Asia Fund’s investment will enable us to scale up our efforts especially in the digital financial services space.”