PayMaya expands into digital bank, to offer financial services
Voyager Innovations has announced that it raised USD 167 million for PayMaya’s expansion into digital banking to fast-track financial inclusion in the Philippines.
Participating in the funding were existing shareholders PLDT Inc., global investment firm Kohlberg Kravis Roberts & Co. (KKR), and Chinese tech firm Tencent Holdings Ltd.
Voyager also welcomed IFC Financial Institutions Growth Fund, a fund managed by the IFC Asset Management Company, as a new investor. The IFC AMC is a division of the International Finance Corporation, a member of the World Bank Group, and an existing investor in Voyager.
As PayMaya has successfully grown its mobile wallet, payments processing, and digital remittance businesses, Voyager is now leveraging this unique ecosystem to expand into digital banking. In addition, it has recently applied for a digital bank license with the Bangko Sentral ng Pilipinas (BSP).
Voyager will utilize 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.
Once granted a digital bank license by the BSP, the new entity will provide “mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services” on the back of PayMaya’s technology platforms.
“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,” said Orlando B. Vea, Voyager and PayMaya CEO-Founder.
The latest funding includes USD 121 million in fresh funding and USD 46 million from previously committed funds.
“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,” said Shailesh Baidwan, Voyager and PayMaya President.