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Bloomberg Reveals Maya’s Plan to Raise $150m Worth of Funds

Bloomberg Reveals Maya Plan to Raise $150m Worth of Funds

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  • Bloomberg reported that fintech app Maya is considering raising about $150 million in funds to boost its growth, with the target fundraising project expected to bring its valuation closer to about $2 billion.
  • The target fund-raising aims to help pave the way toward a potential initial public offering for the PLDT Inc.-backed company in the coming years.
  • Maya has been active in offering promotions and discounts to its customers, including earning up to 6% annual interest on deposits, cashback on payments via QR, and discounts on hotels and AirAsia points.

In a report by Bloomberg, the media publication claimed that there were individuals that told them that “all-in-one” fintech app Maya is working with financial advisers in a fund-raising deal as it considers raising about $150 million worth of funds to boost its growth. The target fundraising project of Maya is expected to bring its valuation closer to about $2 billion. 

However, the mentioned considerations are preliminary, and details such as the size of the deal and valuation could still change, the report emphasized, adding that the target fund-raising aims to help pave the way toward a potential initial public offering for the PLDT Inc.-backed company in the coming years. Representatives for KKR and Maya declined to comment.

In May last year, Maya was rebranded as “Payamaya” after launching its crypto services. It was originally launched as Voyager Innovations, Inc., the digital arm of PLDT. But subsequent investments diluted PLDT’s ownership to a noncontrolling stake.

Last year, the fintech firm raised $210 million in a funding round that put Maya’s value at about $1.4 billion. The said round was led by the Asian venture capital unit of US investment firm Susquehanna International Group, which is also one of the earliest backers of ByteDance Ltd., the company behind social media giant TikTok.

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Maya has been active in offering promotions and discounts to its customers. In December 2022, it had two promos—the Merry Money Holiday Promo, which had a ₱2 million prize pool, and the Maya 12.12 Money Day, which consisted of a series of cashback, load discounts, and a prize pool of ₱100,000.

Maya also has ongoing promos for this year, such as: 

  • Maya Savings users can earn up to 6% annual interest on ₱100-worth of deposits by spending at least ₱250 on bills, loads, and other payments. 
  • Up to ₱25 cashback when users ‌cash in at least ₱1,500 via InstaPay. 
  • Receive ₱100 worth of cashback for every ₱1,000 single receipt payment via QR on Robinson malls for the first time and ₱50 cashback for the next payments.
  • Collect 5% cash back each time they accumulate  ₱500 worth of load.
  • Enjoy 50% off (up to ₱1,500) on hotels and 1,500 AirAsia points by booking a hotel worth at least ₱1,500 through the AirAsia super app or website.
  • Smart Postpaid Users Can Enjoy Up to 7% Annual Interest on Maya Savings.
  • Extended 6% Interest on Savings Accounts at Maya Bank.

This article is published on BitPinas: Bloomberg Reveals Maya’s Plan to Raise $150m Worth of Funds

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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