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Philippines' Voyager raises US$167 million from KKR, Tencent

Philippines' Voyager raises US$167 million from KKR, Tencent

FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

MANILA: Philippine digital and financial services firm Voyager Innovations has raised US$167 million for its expansion programme, including a venture into digital banking, its listed and largest shareholder said on Monday.

Shareholders PLDT, private equity firm KKR & Co and Chinese tech giant Tencent Holdings participated in the funding round, PLDT said in a disclosure.

Voyager, which serves 38 million Filipinos through its consumer platforms that include e-wallet and digital payments, welcomed a unit of the World Bank Group's International Finance Corp (IFC) as a new investor.

The fintech firm said it applied for a digital banking license with the Philippine central bank, which has so far granted three firms approval to operate.

Only a third of Filipinos have a formal bank account, among the lowest in Asia, giving fintech firms an attractive leeway for growth.

Source: Reuters

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