MANILA - PLDT-backed fintech Voyager Innovations is getting an $18.5 million investment from the International Finance Corp and 2 of its units, IFC said on Wednesday.
The IFC is a member of the World Bank Group.
Two investment funds managed by IFC’s equity mobilization division (AMC), the IFC Emerging Asia Fund (“Emerging Asia Fund”) and the IFC Financial Institutions Growth Fund (“FIG Fund”) are also part of the investment.
Jean Marc Arbogast, IFC Country Manager for the Philippines, said the group backs Voyager's thrust to create new financial products and services that can improve the lives of more Filipinos.
"In particular, our investment this time will enable Voyager to make its foray into digital banking, to reach currently financially excluded and underserved populations with a range of formal, affordable financial services suited to their needs. The ongoing COVID-19 crisis has only reinforced the need for increased digital financial inclusion,” Arbogast said.
Voyager's PayMaya was granted a digital banking license last year by the Bangko Sentral ng Pilipinas. The venture, called Maya Bank, will offer digital banking services that will be integrated and offered at the back of PayMaya’s platform and ecosystem.
The investment will enable Voyager to grow its platform and offer integrated, end-to-end digital financial services to consumers, micro, small, and medium-sized enterprises (MSMEs), and large enterprises, IFC said.
"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 Orlando B. Vea, Voyager and PayMaya CEO-Founder.
It is part of a $210 million capital raising that makes Voyager the second unicorn in the Philippines, IFC said.
"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,” said Shailesh Baidwan, Voyager and PayMaya President.
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