Manila, Philippines – Voyager Innovations, the local technology company behind end-to-end money platform PayMaya and neobank Maya Bank, has recently raised US$210m in funding, bringing its total valuation to unicorn plus status, at nearly US$1.4b.
Through the funding, the company will use the new funds to launch Maya Bank services, such as savings and credit, which will be offered seamlessly across PayMaya’s platforms for consumers and enterprises, including micro, small, and medium-sized enterprises or MSMEs. It will also continue to expand PayMaya’s offering with new products like cryptocurrency, micro-investments, insurance, and more, as the all-in-one money app of the Philippines.
The funding round was led by SIG Venture Capital, the Asian venture capital arm of Susquehanna International Group. Other new investors include Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd.
Other partners include Voyager’s existing shareholders, namely telecom PLDT, global investment firm KKR, tech giant Tencent, the International Finance Corporation (IFC), and the IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company (IFC AMC), a division of IFC.
Orlando B. Vea, Voyager and PayMaya CEO/Founder, said, “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.”
Meanwhile, Shailesh Baidwan, president at Voyager and PayMaya, commented, “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. We are excited to bring more game-changing innovations to millions of consumers and MSMEs with our integrated ecosystem as we address the pent-up demand for financial services.”
The integrated ecosystem approach by Voyager Innovations uniquely positions it among e-wallets, banks, and fintech players in the Philippines. PayMaya serves all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business, and the most extensive on-ground agent network, Smart Padala.