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MANILA (Reuters) – Philippine expertise startup Voyager Improvements mentioned on Tuesday it has raised $210 million in its newest funding spherical, making the corporate the nation’s second “unicorn” with a valuation of greater than $1 billion.
Voyager, which serves 47 million folks by way of its client platforms that embrace e-wallet and digital funds, mentioned the contemporary capital will fund its digital banking enterprise and different providers like cryptocurrency and micro-investments.
SIG Enterprise Capital, the Asian enterprise capital arm of SIG, Singapore-based international investor EDBI, and funding holding firm First Pacific Firm Ltd, participated within the funding spherical as new buyers, Voyager mentioned.
Voyager’s present shareholders like PLDT, personal fairness agency KKR & Co Inc, China’s Tencent Holdings Ltd and Worldwide Finance Corp (IFC) additionally joined the capital injection.
The most recent funding elevated the valuation of Voyager to $1.4 billion, it mentioned. In June, Voyager raised $167 million for its growth programme, bringing in a unit of the World Financial institution Group’s IFC as a brand new investor.
Voyager’s rival, Mynt, is the one different Philippine unicorn, or startups which have reached no less than $1 billion in valuation. Mynt is partly owned by Globe Telecom, Bow Wave and Ant Monetary, the monetary expertise arm of Alibaba.
The Philippines is among the many fastest-growing fintech markets in Southeast Asia, with adoption of digital providers surging in the course of the pandemic. Its web financial system grew 93% to $17 billion in 2021, and is anticipated to increase to $40 billion by 2025, in line with a report by Google, Temasek, and Bain & Co.
Reporting by Neil Jerome Morales; Modifying by Ed Davies
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