Voyager Innovations, the company behind PayMaya, has received $210 million as additional capital from its investors. PayMaya is now the second-largest financial tech in the Philippines, next to GCash.
In a disclosure to the stock exchange on Tuesday, telco giant PLDT Inc., Voyager’s parent company, said the new funds will be used to launch “Maya Bank”, a digital online bank. Moreover, the additional funds will also be used to expand PayMaya’s offering with new products like cryptocurrency, micro-investments, and insurance among others.
The fundraising for the additional capital of PayMaya was raised by existing shareholders such as PLDT, global investment firm KKR, and Chinese tech giant Tencent. However, the biggest investment came from the new shareholder SIG Venture Capital—the Asian venture capital arm of SIG. PayMaya also received new funding from International Finance Corp. (IFC), the private sector arm of the World Bank Group., and its units IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.
“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,” Orlando Vea, co-founder of Voyager, said.
As of end-March this year, PayMaya had over 47 million registered users across its consumer platforms.
