Rocket Internet raises $445 million to invest in mobile payments in emerging markets
Friday, August 8, 2014
Philippine Long Distance Telephone Company is purchasing a 10% stake in Rocket, a German e-commerce investment firm. The deal will combine the Philippines telecom operator’s mobile expertise with Rocket’s global e-commerce and web services footprint.
Berlin-based e-commerce incubator Rocket Internet has received funds from a Philippine telecom operator to develop mobile payment systems in emerging markets. Philippine Long Distance Telephone Company is investing 333 million euros (US $445 million) for a 10% stake in Rocket. The deal will combine the Philippine telcom operator’s expertise in mobile payments and resources with Rocket’s global e-commerce and web services footprint.
The two companies say they will develop mobile and online payment technologies and services in emerging markets. They plan to combine PLDT’s mobile payments and remittance platforms with Rocket’s global technology platform, to provide products and services for the unbanked, un-carded and unconnected population in less-developed markets.
“The partnership will allow us to leverage our combined strengths in developing online and mobile payment solutions in emerging markets,” says Napoleon Nazareno, president and CEO of Philippine Long Distance Telephone Company. “Rocket has developed a unique platform for establishing new Internet companies and a proven track record in successfully rolling out these businesses in fast growing markets.”