Philippines: Fintech startup Pitaca raises funding from Carillion Partners

Visual from the company's website.

Pitaca Digital Services (PDS) a Philippine-based mobile fintech startup, has raised a funding round led by boutique investment services and financial advisory company Carillion Partners.

The size of the deal was not disclosed.

Several investors were a also involved in the round, the Asian Venture Capital Journal, reported.

Carrillion Partners is a Philippine corporation affiliated with Cayman Islands-registered firm Angeon Advisors. The Angeon and Carillion team is largely based in the Philippines. Angeon uses a mailing address in Hong Kong for convenience.

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As a retail payment solution, PDS will use the capital to further develop iRegalo, a mobile platform that currently allows expatriates to support their families at home as it allows them to send gifts to recipients in the Philippines

In amplifying iRegalo, PDS plans to roll out its new service enabling the sending of electronic gift certificates to recipients’ smartphones. Certificates can be redeemed at participating merchants across the country even as it allows senders to have more control over how their money is spent.

“We are delighted to have helped make possible the debut of iRegalo, which promises to be a game changer in the Philippines’ e-commerce landscape,” said Carillion managing director Mari Gomez. “Post-investment, we feel privileged that we shall play a continuing role in PDS’s story, by contributing strategic inputs aimed at growing and strengthening PDS’s enterprise value for the benefit of our investors.”

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PDS is a registered trademark of MobileVentures Inc (MVI) based in Manila established in 2010 with a vision to enable emerging markets to benefit from the revolution in smartphones, mobile technology and information technology.

MVI offers PDS to providers and merchants as a service rather than as a system that they have to purchase.

Carrillion and Angeon planned to launch the Angeon MFE Fund but fundraising for it has been shelved.

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At present, Carrillion and Angeon group’s asset management activities have been deal-specific. They also work on financial and strategy investment advisory engagements on behalf of various investee firms and institutional clients.

PDS is a separate Philippines corporation, in which MVI has a significant equity stake.

MVI is composed of professionals from the mobile, technology and financial industries. Its mission is to provide a payment gateway through mobile and online transactions to small and medium sized banks and financial institutions. Its strategy is to invest in the technologies required and invest in developing the solution’s ECO-System.

MVI is partnered with SAAS Ventures Inc based in Montreal, Quebec, Canada for the technical development and maintenance of the platform, and also with with Pioneer Insurance for the Micro-Insurance for Life and Non-Life products.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.