PayMaya Raises $167m from PLDT, Tencent and IFC; Eyes Digital Banking Licenseby Fintech Philippines June 28, 2021
Philippines digital and financial services firm Voyager Innovations announced that it raised US$167 million through its financial technology arm, PayMaya Philippines.
This investment includes US$121 million in fresh funding and US$46 million from previously committed funds.
Participating in the funding were existing shareholders Philippines telecoms PLDT, global investment firm KKR, and Chinese tech firm Tencent.
Voyager welcomed IFC Financial Institutions Growth Fund, a fund managed by the IFC Asset Management Company (IFC AMC), as a new investor. IFC AMC is a division of the International Finance Corporation (IFC), a member of the World Bank Group, and an existing investor in Voyager.
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.
PayMaya has also applied for a digital bank license with the country’s central bank, the Bangko Sentral ng Pilipinas (BSP).
If it is granted a digital bank license by the BSP, the new entity aims to provide mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services on the back of PayMaya’s platforms.
Orlando B. Vea, Voyager and PayMaya CEO-Founder said,
“We have seen a quantum leap for digital payments adoption in the Philippines over the past year, and PayMaya has served as the nexus connecting consumers and enterprises with enriching digital finance experiences.
This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service.”
Shailesh Baidwan, Voyager and PayMaya President said,
“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.
Our goal is to continue making lives better for millions of underserved people and small businesses, with cutting edge solutions that are affordable and relevant.”
Featured image credit: Edtide from Unsplash