Voyager Innovations, the business behind PayMaya, a payment and financial services app in the Philippines, and Maya Bank, a neobank, has raised $210 million, bringing its total market capitalisation to $1.4 billion. Participants in the round included returning shareholders such as PLDT, KKR, Tencent, International Finance Corporation, IFC Emerging Asia Fund, IFC Financial Institutions Growth Fund, and new investors SIG Venture Capital and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.
In order to deliver Maya Bank services, such as savings and credit services, the investment will be used in conjunction with PayMaya, which, along with GCash and Coins, has more than 47 million registered users and is one of the Philippines’ most widely used financial applications. PayMaya, which already provides an e-wallet, electronic payments, bill remittances, bank transactions, credit cards, and an electronic commerce component termed as PayMaya Mall, will now be able to offer cryptocurrencies, micro-investments, and insurance services thanks to a partnership with Voyager Financial.
Voyager raised $167 million in July 2021 in preparation for the inauguration of their neobank, which is scheduled to open in December 2021. In that same period, Voyager reported that it had submitted an application for a digital bank license with the Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP) (BSP). According to the BSP, approximately half of the country’s adult population is unbanked, which has set a goal of bringing 70 percent of Filipino adults onto payment or transaction accounts by 2023. In September 2021, Maya Bank was awarded one of the BSP’s six digital banking licenses, and it began testing in March of the following year.