Philippines-based fintech Maya Innovations reported a notable reduction in its overall losses for 2023, reflecting a focus on improving operational efficiency.
The company, previously known as Voyager Innovations, registered a loss of 6.1 billion pesos (US$109 million), a 25% decrease compared to the 8.1 billion pesos (US$145 million) loss it faced in 2022, as per regulatory filings accessed by DealStreetAsia.
This improvement was driven by a revenue surge of 31% over the previous year, with total revenue reaching 9.4 billion pesos (US$168 million) in 2023, up from 7.2 billion pesos (US$129 million) in 2022.
The growth came as Maya Innovations expanded its product lines and optimised operations, including its lending services tailored to both consumers and small businesses.
A company spokesperson highlighted that Maya leveraged its extensive digital ecosystem, tapping into automation and AI to streamline processes and reduce costs while boosting revenue.
Launched in 2013, Maya Innovations operates across various financial segments, including digital payments under the PayMaya brand and remittance services via Smart Padala.
Its comprehensive Maya app integrates spending, saving, investing, and borrowing functions into a single platform.
In terms of revenue composition, airtime sales remained a dominant source, contributing 5.4 billion pesos (US$97 million), about 58% of total revenue.
Merchant service fees contributed 2.7 billion pesos (US$48 million).
On the cost side, the firm faced a significant expense in the form of cost of sales, amounting to 5.02 billion pesos (US$90 million).
This primarily involved the purchase of airtime load inventories, which are sold via its various distribution channels.
Additional costs included salaries, employee benefits, and transaction expenses, which totaled 5.1 billion pesos (US$91 million).
Despite the challenges of rising expenses, Maya Innovations reduced its operational costs to 2.6 billion pesos (US$46 million) in 2023, down from 5.7 billion pesos (US$102 million) in the prior year.
The company achieved unicorn status in 2022 after raising US$210 million, which brought its valuation to around US$1.4 billion.
That same year, it launched Maya Bank, becoming one of six licensed digital banks in the Philippines.
Looking ahead, Maya is focusing on sustaining its growth trajectory.
Maya Bank turned EBITDA-positive in Q2 2024, and the broader Maya Group is on track to achieve the same by the end of this year.
Featured image credit: Edited from Freepik
