Voyager Innovations raises $210 million to expand PayMaya, Maya Bank

ABS-CBN News

Posted at Apr 12 2022 09:30 AM

MANILA - PLDT Inc on Monday said Voyager Innovations has raised $210 million (P10.9 billion) in new funds, which will be used to expand PayMaya and to launch the new digital bank Maya Bank.

The fundraising also propelled Voyager's valuation to "unicorn plus" status at nearly $1.4 billion, PLDT said in a disclosure to the stock exchange.

Voyager is the tech company behind PayMaya and the new digital bank Maya Bank. 

New investor SIG Venture Capital leads the funding round. The Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd were also included, PLDT said.

Also participating in the latest round of funding are Voyager's existing shareholders PLDT Inc, global investment firm KKR, tech company Tencent, the International Finance Corp, and the two funds managed by the IFC Asset Management Company, namely the IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.

"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 said.

The company will use the new funds to launch Maya Bank services, it said.

Maya Bank obtained a digital banking license from the Bangko Sentral ng Pilipinas in September 2021. It is among the 6 licensed digital banks in the country. 

PLDT said the fund would also boost PayMaya's expansion with new products such as cryptocurrency, micro-investments and insurance, among others.

As of the end of March 2022, PayMaya said it had over 47 million registered users across its consumer platforms.

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