PayMaya Parent Voyager Innovation Raises $167M - Digital Bank Launch

Voyager Innovations Secures $167 Million to Expand Financial Services

Voyager Innovations, headquartered in Manila and the parent company of the widely-used PayMaya payment and financial services application, has announced a new funding round of $167 million.

Funding Details and Previous Investments

This investment comprises $121 million in fresh capital, supplemented by $46 million from previously pledged funds.

In April 2020, Voyager had already announced commitments for up to $120 million in investment from key stakeholders including PLDT, KKR, Tencent, the International Finance Corporation (IFC), and the IFC Emerging Asia Fund.

The recent funding infusion was provided by current shareholders – PLDT, a leading telecommunications provider in the Philippines, KKR, and Tencent – alongside new investors such as the IFC Financial Institutions Growth Fund, managed by IFC AMC, a division of the World Bank Group.

Total Funding to Date

Voyager Innovations’ cumulative funding since 2018 now totals $452 million.

PayMaya's Position in the Philippine Market

PayMaya stands as one of the Philippines’ leading financial “super apps,” alongside competitors like GCash and Coins.

Its comprehensive suite of services encompasses a digital wallet, online money transfers, bill payment options, bank-to-bank transfers, prepaid cards, and an e-commerce platform known as PayMaya Mall, connecting consumers with over 350 merchants.

Plans for a Digital Bank

Voyager has submitted an application to Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, for a digital bank license.

A company representative stated that the launch of the new digital bank is anticipated approximately six months following the receipt of the license.

Accessibility and Reach of PayMaya

PayMaya boasts a network of over 250,000 digital-finance access points, including convenience stores, enabling users to easily add funds to their accounts.

This network is significantly larger – seven times greater – than the combined number of ATMs and traditional bank branches throughout the Philippines, enhancing accessibility, particularly in underserved rural areas.

Financial Inclusion in the Philippines

According to the BSP, approximately 71% of the Filipino population remained unbanked as of 2019.

The BSP has established financial inclusion objectives to be achieved by 2023, including bringing 70% of Filipino adults into the formal financial system through payment or transaction accounts and transitioning 50% of all retail payments to digital channels.

Growth of PayMaya's User Base and Service Expansion

PayMaya and its remittance service, Smart Padala by PayMaya, reported a doubling of their total registered users to 38 million between December 2019 and June 2021.

This year, Voyager has also broadened PayMaya’s offerings to include working capital loans for small and medium-sized enterprises (SMEs) via PayMaya Lending Corp, and PayMaya Protect insurance policies providing coverage for health and devices.