Voyager Innovations, the Manila-based owner of PayMaya, one of the Philippines’ most popular payments and financial services apps, today announced that it has raised $ 167 million in new funding to launch more financial services, including including a digital bank.
The increase includes $ 121 million in new funding and $ 46 million in funds already committed. Voyager announced in April 2020 that it had secured up to $ 120 million in investment commitments from PLDT, KKR, Tencent, International Finance Group (IFC) and IFC Emerging Asia Fund.
The latest capital came from existing shareholders PLDT, one of the country’s largest telecommunications companies, KKR and Tencent, and new investors, including IFC Financial Institutions Growth Fund, managed by IFC AMC, a member of the World Bank Group ( another of Voyager’s investors).
Voyager’s total raised since 2018 now stands at $ 452 million.
Along with its competitors GCash and Coins, PayMaya is one of the most popular financial “super apps” in the Philippines. Its services include a digital wallet, online remittances, bill payments, bank transfers, prepaid cards, and an e-commerce feature called PayMaya Mall that connects consumers to 350 merchants.
In its funding announcement today, Voyager said it has applied for a digital banking license from Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines. A representative for Voyager said the neobank would launch about six months after Voyager obtained its license.
PayMaya has more than 250,000 digital finance access points of contact, such as convenience stores, where users can top up their accounts. Voyager says that’s seven times the number of ATMs and bank branches in the Philippines, making PayMaya more accessible than traditional banks, especially in remote or rural areas.
According to the BSP, around 71% of Filipinos were unbanked in 2019. BSP has set financial inclusion goals that it wants to achieve by 2023, including the integration of 70% of Filipino adults on payment or transaction accounts, and the conversion of 50% of total retail sales. payments in digital form.
PayMaya and Smart Padala from PayMaya, its remittance service, claim that the total number of registered users doubled in 18 months to reach 38 million in June 2021. This year, Voyager also began to expand PayMaya’s services. with working capital loans for micro and medium enterprises through PayMaya Lending Corp and PayMaya Protect insurance policies for health coverage and devices.