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New funding pushes Voyager to provide digital financial services to all Filipinos through PayMaya and its upcoming digital bank
Voyager Innovations (“Voyager” or “Company”), a leading technology company in the Philippines, announced that it has raised US$167 million through its financial technology arm PayMaya Philippines (“PayMaya”) to accelerate financial inclusion in the Philippines.
This press release features multimedia. View the full version here: https://www.businesswire.com/news/home/20210627005080/en/
Participating in the financing is the existing shareholder PLDT Inc. (“PLDT”) (NYSE stock code:PHI) (PSE: TEL), the largest integrated telecommunications company and leading digital service provider in the Philippines; KKR, a global investment company; and Tencent, a leading technology company in China. Voyager welcomes the International Finance Corporation Financial Institutions Growth Fund, a fund managed by the International Finance Corporation Asset Management Corporation (“IFC AMC”), as a new investor. IFC AMC is a division of the International Finance Corporation (“IFC”), a member of the World Bank Group and an existing investor in Voyager.
After successfully developing PayMaya’s mobile wallet, payment processing and digital remittance business, this fundraising marks another milestone for Voyager. Voyager is now using this unique ecosystem to expand into digital banking to achieve its next phase of mission to improve financial inclusion in the Philippines. To this end, it applied for a digital banking license to the country’s central bank, Bangkok Sentral ng Pilipinas (“BSP”).
Voyager will use the new funds to expand its PayMaya service and continue to provide new inclusive products such as credit, insurance, savings, and investment to more individuals and small, medium and micro businesses who have no bank accounts and underserved through the upcoming digital bank.
Once the digital bank license issued by the BSP is obtained, the new entity will provide mobile-first, low-cost, all-weather, frictionless, branchless, ubiquitous, paperless, safe and smart new banking services with the support of PayMaya. Mature technology platform.
Said Orlando B. Vea, CEO and Founder of Voyager and PayMaya“In the past year, we have witnessed a huge leap in the adoption of digital payment in the Philippines. PayMaya has acted as a link between consumers and businesses, providing a rich digital financial experience. This investment supports the unique value we bring, And give us natural value. Start with the target market of digital banking services.”
Shailesh Baidwan, President of Voyager and PayMaya, said: “As we have done in payments and remittances, we will enable a large number of Filipinos to leapfrog to a new stage of financial inclusion through integrated digital financial services. Our goal is to continue to improve the millions of underserved people and small businesses Life through affordable and relevant cutting-edge solutions.”
Although COVID-19 quarantine measures have been implemented since March 2020, PayMaya has been pushing consumers, businesses, and governments to adopt digital payments more deeply and has reached important milestones.
These milestones include the widespread adoption of its PayMaya mobile wallet and PayMaya remittance service Smart Padala by consumers. As of June 2021, the total number of registered users of these consumer platforms has doubled in just 18 months to 38 million, accounting for more than half of the adult population in the Philippines.
PayMaya also allows Filipinos-whether with or without bank accounts-to access more than 250,000 digital financial touchpoints, seven…
The full story on Benzinga.com
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