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US $210 M secured by Voyager Innovations to expand PayMaya, Maya Bank

Voyager Innovations, located in the Philippines and known for its end-to-end money platform PayMaya and neobank Maya Bank, revealed today that it has secured US $210 million in fundraising.

This round of fundraising was led by SIG Venture Capital and featured new investors such as EDBI and First Pacific Company Ltd. Existing shareholders PLDT, KKR, Tencent, IFC, and two funds administered by IFC divisions, the IFC Emerging Asia Fund and the IFC Financial Institutions Growth Fund, were also invited to participate.

This round of investment enabled the firm achieve unicorn status, with a valuation of almost US $1.4 billion.

The additional financing will be used by Voyager Innovations to deliver its neobank services through Maya Bank. In September 2021, the business was one of six to get digital banking licences from the BSP, and trial testing began in March.

PayMaya’s services will also be expanded with additional products such as cryptocurrencies, micro-investments, and insurance.

PayMaya’s e-wallet software, payment processing business, and on-ground agent network Smart Padala serve a variety of customers and businesses. Voyager Innovations intends to use this infrastructure to provide its Maya Bank services, which include consumer and merchant credit and savings.

PayMaya has over 47 million registered users across its consumer platforms as of end-March, according to Voyager Innovations. After obtaining a Virtual Asset Services Provider (VASP) licence from the BSP, it has lately launched cryptocurrencies through its e-wallet software.

The firm claims to have allowed over 630,000 online and in-person touchpoints to take digital payments via e-wallets and QR codes to any credit, debit, or prepaid card.

Orlando B. Vea, Voyager and PayMaya CEO-Founder, said in a press statement, “Our strong record of execution and innovation is a testament to our world-class team’s hard work and talent. With this milestone, we are excited to leap forward and bring the best of PayMaya and Maya Bank to help unlock the digital economy for the underserved and unbanked Filipinos.”

 

 

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