Voyager Innovations, the Philippine tech company behind financial services app PayMaya and neobank Maya Bank, announced that it has raised US$210,000,000 which skyrocketed its valuation to US$1,400,000,000. The firm is officially the country’s second unicorn after its rival Mynt, a startup tech partnership providing fintech solutions.
As reported by the news release, SIG Venture Capital led its recent rounds of funding. It includes the participation of PLDT, KKR, Tencent, International Finance Corporation, IFC Emerging Asia Fund, IFC Financial Institutions Growth Fund, EDBI and First Pacific Company.
The firm stated that the newly gained capital will be used to implement micro-investments, crypto payments and insurance products for PayMaya, which already includes a digital wallet. The funds are also allocated for the launch of Maya Bank services such as credit products and savings offered through PayMaya’s platforms for both enterprises and consumers.
‘The strong endorsement from our new shareholders and participation of our existing investors in this fundraising validates the Company’s ability to expand into neobanking and add new cutting-edge financial products and services’, Voyager and Paymaya president Shailesh Baidwan explained in a statement.
Voyager said that the company had applied for a digital bank license with Bangko Sentral ng Pilipinas (BSP), the central bank of the country. The bank revealed that almost half of the adult population remains unbanked.
According to the firm, a large chunk of the Philippine population is also uneducated when it comes to digital assets and internet finance.
‘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’, said Voyager and PayMaya CEO-Founder Orlando B. Vea.
With the efforts being done by Voyager and Mynt, the country’s digital economy is steadily increasing. Additionally, in a study released by Temasek, Google and Bain & Co., the Philippines’ internet economy increased 94% from 2020 to 2021 and is expected to reach US$40,000,000,000 by 2025.
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