Voyager Innovations, the Manila-based proprietor of PayMaya, one of many Philippines’ hottest fee and monetary companies apps, introduced in the present day it has raised $167 million in new funding to launch extra monetary companies, together with a digital financial institution.
The increase contains $121 million in new funding, and $46 million from beforehand dedicated funds. Voyager announced in April 2020 that it had secured as much as $120 million in funding commitments from PLDT, KKR, Tencent, the Worldwide Finance Group (IFC) and the IFC Rising Asia Fund.
The most recent capital got here from present shareholders PLDT, one of many nation’s largest telecoms, KKR and Tencent, and new buyers together with IFC Monetary Establishments Development Fund, managed by IFC AMC, a member of the World financial institution Group (one other one in all Voyager’s buyers).
Voyager’s whole raised since 2018 now stands at $452 million.
Together with opponents GCash and Cash, PayMaya is likely one of the hottest monetary “tremendous apps” within the Philippines. Its companies embrace a digital pockets, on-line remittances, invoice funds, financial institution transfers, pay as you go playing cards and an e-commerce characteristic referred to as PayMaya Mall that connects shoppers to 350 retailers.
In its funding announcement in the present day, Voyager mentioned it has utilized for a digital financial institution license with Bangko Sentral ng Pilipinas (BSP), the Philippines’ central financial institution. A consultant for the Voyager mentioned the neobank will launch about six months after Voyager secures its license.
PayMaya has greater than 250,000 digital-finance entry touchpoints, like comfort shops, the place customers can top-up their accounts. Voyager says that is seven instances the variety of ATM and financial institution branches within the Philippines, making PayMaya extra accessible than conventional banks, particularly in distant or rural areas.
In keeping with the BSP, about 71% of Filipinos were unbanked as of 2019. The BSP has set financial inclusion goals it wants to achieve by 2023, together with onboarding 70% of Filipino adults to fee or transaction accounts, and changing 50% of whole retail funds into digital type.
PayMaya and Good Padala by PayMaya, its remittance service, declare its whole registered customers doubled over 18 months to 38 million as of June 2023. This yr, Voyager additionally started increasing PayMaya’s companies with working capital loans for micro- to mid-sized companies by means of PayMaya Lending Corp, and PayMaya Shield insurance coverage insurance policies for well being protection and units.
