Voyager Improvements, the Manila-based proprietor of PayMaya, one of many Philippines’ hottest cost and monetary providers apps, introduced as we speak it has raised $167 million in new funding to launch extra monetary providers, together with a digital financial institution.
The increase contains $121 million in new funding, and $46 million from beforehand dedicated funds. Voyager introduced in April 2020 that it had secured as much as $120 million in funding commitments from PLDT, KKR, Tencent, the Worldwide Finance Group (IFC) and the IFC Rising Asia Fund.
The newest capital got here from current shareholders PLDT, one of many nation’s largest telecoms, KKR and Tencent, and new buyers together with IFC Monetary Establishments Progress Fund, managed by IFC AMC, a member of the World financial institution Group (one other certainly one of Voyager’s buyers).
Voyager’s whole raised since 2018 now stands at $452 million.
Together with rivals GCash and Cash, PayMaya is without doubt one of the hottest monetary “tremendous apps” within the Philippines. Its providers embrace a digital pockets, on-line remittances, invoice funds, financial institution transfers, pay as you go playing cards and an e-commerce characteristic known as PayMaya Mall that connects shoppers to 350 retailers.
In its funding announcement as we speak, Voyager stated it has utilized for a digital financial institution license with Bangko Sentral ng Pilipinas (BSP), the Philippines’ central financial institution. A consultant for the Voyager stated the neobank will launch about six months after Voyager secures its license.
PayMaya has greater than 250,000 digital-finance entry touchpoints, like comfort shops, the place customers can top-up their accounts. Voyager says that is seven occasions the variety of ATM and financial institution branches within the Philippines, making PayMaya extra accessible than conventional banks, particularly in distant or rural areas.
Based on the BSP, about 71% of Filipinos have been unbanked as of 2019. The BSP has set monetary inclusion objectives it desires to realize by 2023, together with onboarding 70% of Filipino adults to cost or transaction accounts, and changing 50% of whole retail funds into digital kind.
PayMaya and Good Padala by PayMaya, its remittance service, declare its whole registered customers doubled over 18 months to 38 million as of June 2021. This yr, Voyager additionally started increasing PayMaya’s providers with working capital loans for micro- to mid-sized companies by PayMaya Lending Corp, and PayMaya Defend insurance coverage insurance policies for well being protection and units.