Voyager Innovations, the technology arm of PLDT Inc., has raised $210 million in new funds, propelling its valuation to unicorn plus status at nearly $1.4 billion.
Voyager and PayMaya CEO-Founder Orlando Vea said the company’s 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,” Vea said.
The unicorn behind the end-to-end money platform PayMaya and neobank Maya Bank led by banker Angelo Madrid lured new investors SIG Venture Capital as well as Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd.
Also participating in the round are Voyager’s existing shareholders PLDT, global investment firm KKR, leading technology company Tencent as well as International Finance Corp. via IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.
Proceeds of the fund raising activity 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 (MSMEs).
Voyager aims to continue expanding PayMaya’s offering with new products like cryptocurrency, micro-investments, insurance, and more, as the all-in-one money app of the Philippines.
This integrated ecosystem approach uniquely positions it among e-wallets, banks, and fintech players in the Philippines. PayMaya is the only fintech serving all segments of consumers and enterprises with a widely used consumer e-wallet app, the leading enterprise payment processing business, and the most extensive on-ground agent network, Smart Padala.
Voyager and PayMaya president Shailesh Baidwan said the group is excited to bring more game-changing innovations to millions of consumers and MSMEs through its integrated ecosystem that addresses the pent-up demand for financial services.
“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,” Baidwan said.
The Philippines is the fastest-growing market in Southeast Asia, with digital adoption of services reaching tipping points during the pandemic, driven by the demands of a young, digital-savvy population.
According to the 2021 e-Conomy Southeast Asia Report by Google, Temasek, and Bain & Company, the country’s internet economy is expected to grow to $40 billion by 2025, powered by growth in e-commerce and strong adoption of e-wallet payments.