Rocket Internet scores EUR333m investment for emerging markets payments push

Otmane El Rhazi : 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.”

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