Philippine-based Voyager Innovations, the company behind end-to-end money platform PayMaya and neobank Maya Bank, today announced that it has raised US$210 million in funding.
Led by SIG Venture Capital, this funding round included new investors such as EDBI and First Pacific Company Ltd. It also included the participation of existing shareholders telco company PLDT, global investment firm KKR, Tencent, IFC, and two funds managed by IFC divisions IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.
This funding round helped the company secure a unicorn status at nearly US$1.4 billion valuations.
Voyager Innovations plans to use the new funding to launch its neobank services through Maya Bank. The company was one of the six to secure digital banking licenses from the BSP in September 2021 and commencing pilot testing in March.
It will also continue to expand PayMaya’s offering with new products such as cryptocurrency, micro-investments, and insurance.
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PayMaya caters to various segments of customers and enterprises through its e-wallet app, payment processing business, and on-ground agent network Smart Padala. Voyager Innovations plans to leverage this existing infrastructure in launching its Maya Bank services suchas consumer and merchant credit and savings.
Voyager Innovations said that as of end-March, PayMaya had over 47 million registered users across its consumer platforms. It has also recently introduced cryptocurrency through its e-wallet app after securing a Virtual Asset Services Provider (VASP) license from the BSP.
The company claimed to have enabled over 630,000 online and face-to-face touchpoints to accept digital payments from e-wallets and QR to any credit, debit, and 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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Image Credit: Voyager Innovations
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