Thursday
July 1
2021

Philippine Fintech Voyager Raises $167 Million for Digital Banking Push

By Cliff Venzon

Philippine fintech company Voyager Innovations said on Monday it has raised $167 million from existing shareholders, including private equity giant KKR and China’s Tencent Holdings, to fund its foray into digital banking.

The fresh capital will give the company behind the PayMaya mobile wallet additional firepower as competition heats up in the country’s fintech sector, which has seen a boom in cashless transactions and the entry of branchless banks.

Voyager has applied for a digital bank license with the Philippine central bank, which has already awarded licenses to three digital banks in a bid to spur financial inclusion in the archipelago. Around two-thirds of the Southeast Asian nation’s population have no bank accounts and a third of municipalities “have no banking presence,” according to the company.

Photo courtesy of Fiona Graham/WorldRemit Comms.

Source: Nikkei Asia (link opens in a new window)

Categories
Finance, Technology
Tags
banking, digital banking, financial inclusion, fintech, mobile money, mobile wallets, technology