MANILA – Philippine technology startup Voyager Innovation said Tuesday it raised $ 210 million in its latest funding round, making the company the country’s second “unicorn” with a value of over $ 1 billion.
Voyager, which serves 47 million people through its consumer platform including e-wallets and digital payments, said the new capital would finance its digital banking venture and other services such as cryptocurrency and micro-investment.
SIG Venture Capital, SIG’s Asian Venture Capital Branch, Singapore-based global investor EDBI and investment holding company First Pacific Company Limited, have participated in the funding round as new investors, Voyager said.
Voyager’s existing shareholders, such as PLDT, private equity firm KKR & Co Inc, China’s Tencent Holdings Ltd and International Finance Corp (IFC), have also joined Capital Injections.
The latest fund raised Voyager’s valuation to $ 1.4 billion, it said. In June, Voyager raised $ 167 million for its expansion program, bringing in a new investor in a unit of the World Bank Group’s IFC.
Voyager’s rival, Mint, the only other Philippine unicorn, or startup that has reached at least 1 billion in valuation. Mynt is partly owned by Globe Telecom, Bow Wave and Ant Financial, the financial technology arm of Alibaba.
The Philippines is one of the fastest growing fintech markets in Southeast Asia, adopting digital services during the epidemic. Its Internet economy grew 93% to $ 17 billion in 2021 and is expected to grow to $ 40 billion by 2025, according to a report by Google, Temasek and Bain & Co. Reuters