Philippines: IFC, IFC Financial Institutions Growth Fund, and IFC Emerging Asia Fund Invest in Voyager Innovations to Expand Digital Financial Services
The International Finance Corporation (IFC), a member of the World Bank Group, and two investment funds managed by IFC's equity mobilization division (AMC), the IFC Emerging Asia Fund ("Emerging Asia Fund") and the IFC Financial Institutions Growth Fund ("FIG Fund"), are investing $18.5 million in Voyager Innovations, a financial-technology company that promotes financial inclusion by expanding the use of digital financial services in the Philippines.
Jean Marc Arbogast, IFC Country Manager for the Philippines, said: "We are very pleased to continue supporting Voyager, which provides technology-driven solutions and innovative business models that will create new markets for accessible and affordable financial products and services that can improve the lives of more Filipinos. In particular, our investment this time will enable Voyager to make its foray into digital banking, to reach currently financially excluded and underserved populations with a range of formal, affordable financial services suited to their needs. The ongoing COVID-19 crisis has only reinforced the need for increased digital financial inclusion."