TechCrunch
Rocket Internet and Philippine Long Distance Telephone Company (PLDT), a telecom operator, announced today that they have entered into a strategic partnership to develop online and mobile payment products. PLDT will invest €333 million (about $445 million) for a 10 percent stake in Rocket Internet, putting Rocket Internet’s valuation at about $4.5 billion.
The companies said that they will “jointly develop mobile and online payment technologies and services” for “the ‘unbanked, uncarded, and unconnected’ population in emerging markets. Rocket Internet’s deal with PLDT should help support its e-commerce businesses, including Zalora and Lazada, in Southeast Asia, where mobile penetration rates far outstrip the use of credit cards, creating a quandary for online vendors. The partnership could also support Rocket Internet’s other investments in emerging markets, which include EasyTaxi, a car-calling app, and FoodPanda, a food delivery service.