24 August 2017
Visit http://response.ncr.com

Rocket Internet scores EUR333m investment for emerging markets payments push

07 August 2014  |  5607 views  |  0 Asia on globe

German Internet-focused VC and incubator Rocket Internet has sold a 10% stake to Philippines-based telco PLDT for EUR333 million in a deal that will also see the two firms team on building online and mobile payments services in emerging markets.

Rocket has a long history of investing in e-commerce, marketplace and payments firms in Asia, Africa and Latin America, where large chunks of the population remain outside of the formal financial ecosystem.

PLDT's wireless subsidiary, Smart Communications, has long provided mobile money services to the unbanked, last year handling transactions valued at around EUR3.4 billion.

The partners argue that by combining Rocket's global technology platform with PLDT's experience and intellectual property in mobile payments and remittance platforms, they can bring products and services to the 'unbanked, uncarded and unconnected' in emerging markets.

Oliver Samwer, CEO, Rocket Internet, says: "Financial technology is a key focus sector for Rocket and this partnership will allow us to build on PLDT's world-class innovations in mobile money and micro-payments and accelerate the delivery of those solutions around the world."

Napoleon Nazareno, CEO, PLDT, adds: "Our investment demonstrates our commitment to the global Internet market and our belief in the powerful synergies between e-Commerce and mobile payments, particularly in developing economies."

PLDT's investment in Rocket will be in new shares issued by the company, of the same class and bearing the same rights as shares held by current investors. As part of the investment, PLDT gets to appoint one member of Rocket's nine person supervisory board.

According to Bloomberg, Rocket is currently working with banks as it prepares an initial public offering, which could come before the end of the year.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

New fintech fund targets emerging markets

New fintech fund targets emerging markets

28 July 2014  |  8293 views  |  0 comments | 14 tweets | 9 linkedin
Visa targets developing world with plug-and-play mobile money service

Visa targets developing world with plug-and-play mobile money service

13 February 2013  |  9343 views  |  0 comments | 15 tweets | 10 linkedin
Unbanked hungry for mobile money - study

Unbanked hungry for mobile money - study

23 October 2012  |  11844 views  |  0 comments | 16 tweets | 14 linkedin
Mobile phone access reaches three-quarters of planet's population

Mobile phone access reaches three-quarters of planet's population

19 July 2012  |  9726 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.niceactimize.comvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
22292 views comments | 47 tweets | 90 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12167 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11649 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11380 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10963 views 0 | 7 tweets | 1 linkedin

Featured job

Find your next job