Voyager Innovations Raises US$210M

Voyager Innovations, the leading technology company in the Philippines behind the end-to-end money platform PayMaya and neobank Maya Bank, raises US$210 million in new funds, propelling Voyager’s valuation to unicorn plus status, at nearly US$1.4 billion.

SIG Venture Capital is the Asian venture capital arm, SIG. Other investors include EDBI, a global investor based in Singapore, and First Pacific Company Ltd.

Also participating in the round are Voyager’s existing shareholders PLDT Inc. (“PLDT”), the Philippines’ largest integrated telecommunications company; KKR, a global investment firm; Tencent, a leading technology company; International Finance Corporation (“IFC”); and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company (“IFC AMC”), a division of IFC.

The Company will use the new funds to launch Maya Bank services, such as savings and credit, which will be offered seamlessly across PayMaya’s platforms for consumers and enterprises, including micro, small, and medium-sized enterprises or MSMEs. It will also continue to expand PayMaya’s offering with new products like cryptocurrency, micro-investments, insurance, and more, as the all-in-one money app of the Philippines.

The integrated ecosystem approach positions PayMaya among banks and e-wallets in the Philippines. PayMaya, which serves all segments of the consumer and enterprise market, is the only fintech that offers a wide range of e-wallets for consumers and businesses. It also has the largest enterprise payment processing business and Smart Padala, the largest on-ground agent network.

PayMaya has over the years built the infrastructure for this unique ecosystem. Now, PayMaya plans to use that infrastructure with its own applications, particularly for the launch of Maya Bank services like consumer and merchant credit, savings, and more.

Orlando B. Vea is the Voyager and PayMaya CEO and Founder. “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.”

Shailesh Baidwan (Voyager and PayMaya President) said: “The strong endorsement from our new shareholders and participation of our existing investors in this fundraising validates the Company’s ability to expand into neobanking and add new cutting-edge financial products and services. We are excited to bring more game-changing innovations to millions of consumers and MSMEs with our integrated ecosystem as we address the pent-up demand for financial services.”

Akshay Bajaj, who was responsible for the investment at 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.”

The Philippines is Southeast Asia’s fastest growing market. The country’s digital adoption of services reached tipping points during the pandemic. This was due to the needs of a young and digital-savvy population. According to the 2021 e-Conomy Southeast Asia Report by Google, Temasek, and Bain & Company, the country’s internet economy grew 94% from 2020 to 2021 and is expected to grow to US$40 billion by 2025, powered by growth in e-commerce and strong adoption of e-wallet payments.

Despite its rapid growth trajectory, the Philippines is still a large market that remains underserved and offers solid growth opportunities. Half of the population is unbanked.1Around 47% of Filipino adults don’t have savings. One in two Filipinos saves through informal means. Only 13% of adults have access to loans.2

MSMEs are also able to take advantage of the huge digital financial service opportunities. MSMEs account for 99.5%, 62.8% of all establishments in the country and employ 62.8%. Access to credit and financial services remains difficult for MSMEs. Only 24% of them have access to loans or lines of credit through formal financial institutions. 3

PayMaya Bank and Maya Bank aim to solve the problem of encouraging deeper adoption in a country that has limited merchant acceptance and bank presence. They provide end-to-end services through an integrated ecosystem.

As of end-March 2022, PayMaya had over 47 million registered users across its consumer platforms – more than two-thirds of the adult population in the Philippines. After obtaining a Virtual Asset Service Provider (VASP), license from the BSP, PayMaya introduced cryptocurrency via its e-wallet application.

It is the Philippines’ most trusted non-bank enterprise payments processor. This allows over 630,000 face-toface and online touchpoints to accept digital payment from ewallets and QR to any credit or debit card.

PayMaya’s extensive on-ground presence through its over 63,000 Smart Padala agent touchpoints has allowed it to be embedded in grassroots communities, serving as de-facto financial hubs for the underserved Filipinos.

Voyager entered digital banking with Maya Bank. Voyager secured one of the six digital bank licenses from BSP in September 2021. Pilot testing began in March 2022.

PayMaya and Maya Bank’s thrust will help fast-track the country’s goals of transforming 50% of the total volume of retail payments to digital and expanding the financially included to 70% of Filipino adults by 2023.

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