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.
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.”
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.
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.