MANILA - PLDT’s fintech arm Voyager Innovations has secured $167 million for PayMaya’s expansion into financial services, digital banking, the company disclosed on Monday.
Voyager secured new investment from IFC Financial Institutions Growth Fund, which is part of the World Bank Group, PLDT said.
Current shareholders PLDT, global investment firm KKR and Chinese tech giant Tencent, took part in the funding and welcomed the new investor, the company added.
“Voyager is now leveraging this unique ecosystem to expand into digital banking for the next phase of its mission to improve financial inclusion in the Philippines,” PLDT disclosed to the stock market.
The fintech firm has already applied for a digital bank license with the Bangko Sentral ng Pilipinas.
“Voyager will use the new funds to expand its PayMaya services and to continue enabling more unbanked and underserved individuals and MSMEs with new and inclusive products, such as credit, insurance, savings, and investments, through a soon-to-be-established digital bank.”
PLDT said the planned digital bank “will provide mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services on the back of PayMaya’s proven technology platforms.”
“This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service,” said Voyager and PayMaya CEO-Founder Orlando Vea.
“As we did with payments and remittances, we will enable the large masses of Filipinos to leapfrog into a new stage of financial inclusion through integrated digital financial services,” said Shailesh Baidwan, Voyager and PayMaya president.
PayMaya said it has recently expanded its government fee payments services by deploying its plug-and-play solutions to the Bureau of Internal Revenue and the Bureau of Customs.
PayMaya has also linked with other government offices and services, the fintech firm said.