PayMaya owner Voyager Innovation raises $167M from KKR, Tencent and IFC, to launch digital bank in the Philippines
Voyager Innovations, the Manila-based owner of PayMaya, one of the Philippines’ most popular payment and financial services apps, has announced that it has raised $167 million in new funding to launch more financial services, including a digital bank.
The raise includes $121 million in new funding, and $46 million from previously committed monies. Voyager announced in April 2020 that it had stuck up to $ 120 million in financing commitments from PLDT, KKR, Tencent, the International Finance Group( IFC) and the IFC Emerging Asia Fund.
The latest capital came from existing stockholders PLDT, one of the country’s largest telecoms, KKR and Tencent, and new investors including IFC Financial Institutions Growth Fund, managed by IFC AMC, a are part of the World bank Group( another one of Voyager’s investors ).
Voyager’s total elevated since 2018 now stands at $452 million.
Along with opponents GCash and Coins, PayMaya is one of the most popular monetary “super apps” in the Philippines. Its services include a digital billfold, online remittances, statement payments, bank carries, prepaid cards and an e-commerce feature called PayMaya Mall that connects consumers to 350 merchants.
In its fund bulletin today, Voyager said it has applied for a digital bank permission with Bangko Sentral ng Pilipinas( BSP ), the Philippines’ central bank. A representative for the Voyager said the neobank will propel about six months after Voyager secures its license.
PayMaya has more than 250,000 digital-finance access touchpoints, like convenience stores, where users can top-up their notes. Voyager says this is seven goes the number of ATM and bank sprigs in the Philippines, impelling PayMaya more accessible than traditional banks, especially in remote or rural areas.
According to the BSP, about 71% of Filipinos were unbanked as of 2019. The BSP has designated financial inclusion goals it wants to achieve by 2023, including onboarding 70% of Filipino adults to payment or transaction accounts, and altering 50% of total retail pays into digital form.
PayMaya and Smart Padala by PayMaya, its remittance service, claim its total registered customers double-faced over 18 months to 38 million as of June 2021. This time, Voyager likewise began expanding PayMaya’s services with working capital loans for micro- to mid-sized industries through PayMaya Lending Corp, and PayMaya Protect insurance policies for health coverage and devices.
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