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Voyager Improvements—proprietor of e-wallet PayMaya and digital financial institution Maya Financial institution—has change into the Philippines’ second unicorn after elevating $210 million from new buyers led by SIG Enterprise Capital, the Asian enterprise capital arm of U.S. funding agency Susquehanna Worldwide Group.
“With this milestone, we’re excited to leap ahead and produce the very best of PayMaya and Maya Financial institution to assist unlock the digital economic system for the underserved and unbanked Filipinos,” Orlando Vea, founder and CEO of Voyager and PayMaya, mentioned in a press release.
Different new buyers on this funding spherical—which propelled Voyager’s valuation to $1.4 billion—embody EDBI, the funding arm of Singapore’s Financial Growth Board, in addition to Hong Kong-listed First Pacific Co., which is managed by Indonesian billionaire Anthony Salim. Present buyers corresponding to Philippine telecom large PLDT, U.S. buyout agency KKR and the funding items of the Worldwide Finance Corp. additionally participated.
With the backing of recent and current shareholders, Voyager goals to scale up Maya Financial institution’s operations after securing one of many six digital banking licenses from the Philippine Central Financial institution in September.
Voyager mentioned it is going to use the recent funding to launch Maya Financial institution’s financial savings and lending providers, that will likely be made out there throughout PayMaya’s shopper and enterprise platforms. It additionally plans to proceed increasing PayMaya’s choices with new merchandise like cryptocurrency, micro-investments and insurance coverage, according to its aim to make it an all-in-one cash app.
“Leveraging PayMaya’s distribution power with enterprises and customers, Maya Financial institution has the potential to be one of the profitable digital banks not simply within the Philippines, however globally,” Akshay Bajaj, founding member of SIG Southeast Asia, mentioned.
PayMaya had greater than 47 million registered customers as of March 31, 2022, greater than two-thirds of the grownup inhabitants within the Philippines. Its rival Mynt, whose e-wallet GCash claims to have greater than 48 million customers within the nation, is the one different unicorn amongst Philippine startups. Mynt is backed by Ayala Corp.’s Globe Telecom and U.S. personal fairness agency Warburg Pincus.
The Philippines is among the many fastest-growing digital economies in Southeast Asia, with the nation’s digital transactions anticipated to greater than double to $40 billion by 2025 from $17 billion final 12 months, bolstered by the expansion in e-commerce and rising reputation of e-wallets, in accordance with the 2021 e-Conomy Southeast Asia report by Google, Temasek and Bain & Co.
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