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Home Funding Technology start-up Voyager raises $210 million to become 2nd Philippine “Unicorn”

Technology start-up Voyager raises $210 million to become 2nd Philippine “Unicorn”

The latest funding increased the valuation of the technology start-up to $1.4 billion

On Tuesday, the Philippine technology start-up Voyager Innovations said it has raised $210 million in its latest funding round, making the company country’s 2nd “unicorn” with a valuation of more than $1 billion.

The fresh capital will fund the firm’s digital banking venture and other services like crypto-currency and micro-investments, said the technology start-up that serves 47 million people through its consumer platforms including e-wallet and digital payments.

In the funding round participated SIG Venture Capital as a new investor, the firm which is the Asian venture capital arm of SIG, Singapore-based global investor EDBI, and investment holding company First Pacific Company Ltd, said Voyager.

The capital injection was also joined by Voyager’s existing shareholders like PLDT, private equity firm KKR & Co Inc., China’s Tencent Holdings Ltd and International Finance Corp (IFC).

The latest funding increased the valuation of the technology start-up to $1.4 billion, it said. In June, Voyager raised $167 million for its expansion programme, bringing in a unit of the World Bank Group’s IFC as a new investor.

Mynt, the technology start-up’s rival, is the only other Philippine unicorn, or start-ups that have 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.

With adoption of digital services surging during the pandemic, the Philippines is among the fastest-growing fin-tech markets in Southeast Asia. Its internet economy grew 93% to $17 billion in 2021, and is expected to expand to $40 billion by 2025, according to a report by Google, Temasek, and Bain & Co.

Also readCIO News interviews Shri Wangki Lowang, Minister (IT) of Arunachal Pradesh

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Khushbu Soni
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