Tuesday
April 12
2022

Press Release: Voyager Innovations Raises US $210 Million to Expand the Financial Services Ecosystem of PayMaya and Maya Bank

Voyager Innovations (“Voyager” or the “Company”), the leading technology company in the Philippines behind the end-to-end money platform PayMaya and neobank Maya Bank, raises US$210 million in new funds, propelling Voyager’s valuation to unicorn plus status, at nearly US$1.4 billion.

Leading the round is new investor SIG Venture Capital, the Asian venture capital arm of SIG. Other new investors include Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd. (“First Pacific”).

Also participating in the round are Voyager’s existing shareholders PLDT Inc. (“PLDT”), the Philippines’ largest integrated telecommunications company; KKR, a global investment firm; Tencent, a leading technology company; International Finance Corporation (“IFC”); and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company (“IFC AMC”), a division of IFC.

The Company will use the new funds to launch Maya Bank services, such as savings and credit, which will be offered seamlessly across PayMaya’s platforms for consumers and enterprises, including micro, small, and medium-sized enterprises or MSMEs. It will also continue to expand PayMaya’s offering with new products like cryptocurrency, micro-investments, insurance, and more, as the all-in-one money app of the Philippines.

This integrated ecosystem approach uniquely positions it among e-wallets, banks, and fintech players in the Philippines. PayMaya is the only fintech serving all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business, and the most extensive on-ground agent network, Smart Padala.

Over the years, PayMaya has built the end-to-end rails for this unique ecosystem and now plans to leverage that infrastructure with proprietary applications, especially for launching Maya Bank services such as consumer and merchant credit and savings.

Photo courtesy of Fiona Graham / WorldRemit Comms.

Source: Business Wire (link opens in a new window)

Tags
credit, financial inclusion, financial services, fintech, savings, technology, venture capital