In a statement, Fintech firm Voyager—the company behind end-to-end money platform PayMaya and neobank Maya Bank—revealed that it has successfully raised $210 million in new funds. The company also shared that their mobile wallet, Paymaya, reached a total of 47 million users across its consumer platforms.
Voyager stated that new funds acquired will be used 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.
“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.” – Orlando B. Vea, Voyager and PayMaya CEO-Founder
Voyager’s investment round was led by a new investor, SIG Venture Capital, the Asian venture capital arm of SIG. Other new investors were also present, such as Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd. (First Pacific).
“The PayMaya team is a world-class set of professionals who have built the most complete and unified fintech ecosystem in the market. Leveraging PayMaya’s distribution strength with enterprises and consumers, Maya Bank has the potential to be one of the most successful digital banks not just in the Philippines, but globally. We are thrilled to partner with Voyager and existing shareholders to drive the digital ecosystem to new heights.” – Akshay Bajaj, Lead investor for SIG
The round also had the participation of Voyager’s existing shareholders PLDT Inc. (PLDT), an integrated telecommunications company; KKR, a global investment firm; Tencent, a technology company; International Finance Corporation (IFC); and 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.
On the other hand, Paymaya’s recent achievement of having 47 million users–more than two-thirds of the adult population in the Philippines–is a step closer to their goal of taking a larger share of the country’s vast “unbanked” segment and small to medium-sized businesses. (Read more: PayMaya Parent Firm’s ‘Crypto-ready’ MayaBank Eyes Q1 Launch)
Moreover, Paymaya recently stated that it is eyeing “big targets” for 2022 by venturing into the growing non-fungible token (NFT) market. Earlier this month, the mobile wallet finally launched crypto investments in the platform by partnering with US-based crypto wallet, Coinbase. (Read more: PayMaya Partnered with Coinbase to Offer Crypto in the Philippines)
“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.” –Shailesh Baidwan, Voyager and PayMaya President
This article is published on BitPinas: Paymaya Achieves 47M Users as Parent Voyager Raises $210M
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