Philippines Voyager Innovations, the technology company that operates digital financial platform PayMaya received new funding of $167 million from KKR, Tencent, IFC Financial Institutions Growth Fund, and PLDT inc.
According to Voyager, the fund will go to the expansion of PayMaya into financial services, particularly in digital banking. From its first offering as a payment getaway, PayMaya has ventured into other services including digital remittance businesses.
This investment includes $121 million in fresh funding and $46 million from previously committed funds. KKR makes its investment from its Asia private equity fund. IFC Emerging Asia Fund, a fund managed by IFC AMC, is also an investor in Voyager.
“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,” said Orlando B. Vea, founder and CEO, Voyager and PayMaya CEO-Founder. “This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service.”
Participating in the funding were existing shareholders Philippine telecommunications company PLDT; global investment firm KKR; and leading Chinese technology firm Tencent. Voyager welcomed IFC Financial Institutions Growth Fund, a fund managed by the IFC Asset Management Company, as a new investor. IFC AMC is a division of the International Finance Corp., a member of the World Bank Group, and an existing investor in Voyager.
Digital bank license
Voyager also revealed that it had applied for a digital bank license from the Bangko Sentral ng Pilipinas.
PayMaya has expanded its partnerships with enterprises and government institutions. It also recently launched PayMaya mall, an e-commerce platform within the PayMaya app.
In January this year, PayMaya began expanding its digital financial services offerings with “sachet” loans for MSMEs through its lending arm, PayMaya Lending Corp., and health and device protection products with insurance partners.
“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,” said Shailesh Baidwan, president, Voyager and PayMaya. “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.”