PLDT invests in Germany`s Rocket Internet to develop online, mobile payment services

Thursday 7 August 2014 07:04 CET | News

Rocket Internet, a Germany-based online startup incubator, and Philippine Long Distance Telephone Company (PLDT), a telecom operator, have entered into a strategic partnership to develop online and mobile payment services.

As part of the agreement, PLDT will invest nearly USD 445 million for a 10% stake in Rocket Internet, putting the latter’s valuation at about USD 4.5 billion. The two companies are set to jointly develop mobile and online payment technologies and services for emerging markets that havent yet gained access to electronic commerce.

People familiar with the matter, cited by, said that J.P. Morgan Chase, Morgan Stanley and Berenberg Bank are working with Rocket to launch an IPO as early as September 2014 and target a valuation of up to EUR 5 billion. Rocket Internet is also aiming for an IPO according to Frankfurt Boerses Entry Standard—the least rigorous transparency standard on offer and isnt subject to EU regulations.

Rocket companies operate in more than 100 countries, with a focus on emerging markets.

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Keywords: Philippine Long Distance Telephone Company, Rocket Internet, online, mobile payment services
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce