Voyager Innovations (Voyager), the developer of digital payment platform PayMaya, secures fresh new funding amounting earmarked toward expansion. Digital services provider PLDT Inc. (PLDT), global investment firm KKR, internet value-added services provider Tencent, World Bank Group member IFC, and IFC Asset Management Company’s IFC Emerging Asia Fund are pouring in $120 million.
In 2018, Voyager received initial investments of $215 million so the fintech firm would be able to provide “greater access to digital financial services across the Philippines.
The $120 million investment is part of a broader fundraise for Voyager and is intended to support PayMaya’s growth as “it pursues its mission to accelerate digital and financial inclusion in the Philippines and enable the wider Filipino population to participate in the digital economy. The company said it is also in talks with “other strategic and financial investors.”
KKR’s follow-on investment in Voyager Innovations is being funded from KKR Asian Fund III.
“In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population,” said Orlando B. Vea, founder and CEO, Voyager Innovations. “This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important.”
“Today, more than ever, our end-to-end digital financial services are becoming more relevant and embedded in the daily lives of Filipinos — from sending money, buying airtime load, or paying for purchases through our PayMaya wallet, bridging the unbanked and underserved via mobile remittance through our over 27,000 Smart Padala partner touchpoints in communities, to enabling payment acceptance for all kinds of merchants,” said Shailesh Baidwan, president of Voyager Innovations and PayMaya Philippines. “This investment will enable us to better support our financial inclusion thrust while allowing us to expand to adjacent services.”
Voyager’s PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cuts across consumers, merchants, and government. Aside from providing the acceptance of the payments for the largest e-Commerce, food, retail and gas merchants in the Philippines, PayMaya is enabling national and social services agencies as well as local government units with digital payments and disbursement services.