SIG Venture Capital led the funding round which has enabled the Filipino financial technology firm to get unicorn status
Voyager Innovations becomes a unicorn following a $210m funding round. (Credit: mohamed Hassan from Pixabay)
Philippines-based Voyager Innovations, which has built an end-to-end money platform called PayMaya and neobank Maya Bank, has secured $210m in a new funding round to take its valuation to about $1.4bn.
The financing round was led by new investor SIG Venture Capital, which is the Asian venture capital arm of Susquehanna International Group (SIG).
Other new investors taking part in the round were EDBI and First Pacific.
Among the existing investors who participated were PLDT, KKR, Tencent, and International Finance Corporation (IFC), among others.
Akshay Bajaj, who led the investment for SIG, said: “The PayMaya team is a world-class set of professionals who have built the most complete and unified fintech ecosystem in the market.
“Leveraging PayMaya’s distribution strength with enterprises and consumers, Maya Bank has the potential to be one of the most successful digital banks not just in the Philippines, but globally. We are thrilled to partner with Voyager and existing shareholders to drive the digital ecosystem to new heights.”
Voyager Innovations plans to use the proceeds from the funding round to launch Maya Bank services that include savings and credit. The services will be offered to consumers and enterprises across PayMaya’s platforms.
Besides, the new funds will be used for growing PayMaya’s offering with new products such as cryptocurrency, insurance, micro-investments, and others.
Voyager Innovations and PayMaya CEO-Founder Orlando Vea said: “Our strong record of execution and innovation is a testament to our world-class team’s hard work and talent. With this milestone, we are excited to leap forward and bring the best of PayMaya and Maya Bank to help unlock the digital economy for the underserved and unbanked Filipinos.”
At the end of last month, PayMaya is said to have more than 47 million registered users across its consumer platforms. Recently, the money platform introduced cryptocurrency through its e-wallet app after obtaining a Virtual Asset Services Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP).
Maya Bank was launched in September 2021 to mark the foray of Voyager Innovations into the digital banking segment.