The privately held technology company behind the PayMaya mobile wallet successfully raised $167 million, or over P8 billion, to fund its expansion and an upcoming digital bank.
Voyager Innovations said on Monday the money came from existing investors PLDT Inc., China’s Tencent, global investment firm KKR and the International Finance Corp., through IFC Financial Institutions Growth Fund. The company said $121 million came from fresh funding and $46 million from earlier commitments.
“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,” Orlando Vea, CEO and founder of Voyager and PayMaya, said in a statement on Monday.
The company said the funds would be used to expand PayMaya, which is targeting the county’s vast unbanked population. The service also caters to businesses and individual users via products such as credit, insurance, savings and investments.
Voyager has also applied for a digital bank license with the Bangko Sentral ng Pilipinas (BSP).
“Once granted a digital bank license by the BSP, the new entity will provide mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure and smart neo-banking services on the back of PayMaya’s proven technology platforms,” Voyager noted.
PayMaya currently has over 38 million registered users. The company had also set a target to reach P1.4 trillion in transaction volume by the end of 2021.
“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,” Voyager and PayMaya president Shailesh Baidwan said in the same statement.
“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,” he added.