Voyager Innovations (Voyager), the fintech arm of integrated telecommunications company PLDT, $210 million in new funding, boosting Voyager’s valuation to unicorn-plus status at nearly $1.4 billion. Voyager operates the electronic wallet PayMaya and the neobank Maya Bank.

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).

The existing shareholders of Voyager, PLDT Inc. (PLDT); KKR, a global investment company; Tencent, a leading technology company; International Finance Corporation (IFC); and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by IFC Asset Management Company (IFC AMC), a division of IFC.

Voyager Innovations Secures $167M in Funding for Digital Banking Expansion
Tencent and KKR Invest in Voyager Innovations in the Philippines

“The strong approval of our new shareholders and the participation of our existing investors in this fundraising validates the company’s ability to expand into neo-banking and add new cutting-edge financial products and services,” said Shailesh Baidwan, president, Voyager and PayMaya.

Voyager will use the new funds to launch Maya Bank’s services, such as savings and credit, which will be offered seamlessly on PayMaya’s platforms for consumers and businesses, including micro, small and medium enterprises or MSME. It will also continue to expand PayMaya’s offering with new products such as cryptocurrency, micro-investments, insurance, etc. as an all-in-one Philippine money app.

Cryptocurrency

In January 2022, PayMaya obtained a virtual asset service provider license allowing it to offer services or engage in activities that enable the transfer or exchange of virtual assets, including crypto- currency, which it launched recently.

In September 2021, Maya Bank obtained approval from the Monetary Board of Bangko Sentral ng Pilipinas to establish a digital bank and began pilot testing in March 2022.

“By leveraging PayMaya’s distribution strength to businesses and consumers, Maya Bank has the potential to be one of the most successful digital banks not only in the Philippines, but (also) globally,” said said Akshay Bajaj, who led the investment for SIG.

By the end of March 2022, PayMaya had over 47 million registered users on its consumer platforms, more than two-thirds of the adult population in the Philippines.

Categories: fintech, startup

Tagged as: IFC, IFC AMC, IFC Asset Management Company, International Finance Corp., KKR, Maya Bank, Paymaya, PayMaya Philippines, PLDT Inc., SIG Venture Capital, Tencent, Voyager Innovations