Voyager Innovations, a Manila, Philippines-based provider of money platform PayMaya and neobank Maya Bank, raises US$210 million in funding.
The round, which brought the valuation to nearly US$1.4 billion, was led by SIG Venture Capital, with participation from EDBI and investment holding company First Pacific Company, as well as existing shareholders PLDT Inc. (“PLDT”), KKR, Tencent, International Finance Corporation and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company, 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 across PayMaya’s platforms for consumers and enterprises, including micro, small, and medium-sized enterprises or MSMEs, and continue to expand its offering with new products like cryptocurrency, micro-investments, insurance, and more, as the all-in-one money app of the Philippines.
Led by Orlando B. Vea, Voyager and PayMaya CEO-Founder, Shailesh Baidwan, Voyager and PayMaya President, Voyager Innovations operates:
PayMaya Philippines (PayMaya), the fintech arm of Voyager, is a end-to-end digital payments ecosystem enabler in the Philippines, with platforms and services that cut across consumers, merchants, communities, and government. As of end-March 2022, PayMaya provides more than 47 million Filipinos access to financial services through its consumer platforms. Its Smart Padala by PayMaya network of over 63,000 partner agent touchpoints serves as last-mile digital financial hubs in communities, providing the unbanked and underserved access to digital services. Through its enterprise business, PayMaya is the largest digital payments processor for key industries in the country, including “every day” merchants such as the largest retail, food, gas, and eCommerce merchants, as well as government agencies and units.
Maya Bank powers the digital banking experience of consumers and enterprises across PayMaya’s ecosystem through financial services, including savings, deposits, and credit. With Voyager’s fintech PayMaya Philippines, it is creating the Philippines’ only end-to-end digital financial services platform.
FinSMEs
18/04/2022