April 15, 2024
voyager innovations filipino paymaya 121m

PayMaya Owner Voyager Innovation gets $167M in Funding

Voyager Innovation is based in Manila, Philippines, and has raised funding of $167 million from leading investors. It aims to unveil newer financial services in the future, along with setting up a digital bank. It owns PayMaya, one of the country’s most popular financial services and payment applications. The round had $121 million in new infusions, with $46 million coming through previously-committed capital. Voyager stated in April 2020 that it had got $120 million in investment commitments from KKR, PLDT, Tencent, IFC Emerging Asia Fund, and IFC itself.

Voyager has raised $452 million cumulatively from 2018. PayMaya functions as a super-app in the Philippines. It offers online remittance, digital wallet, prepaid card, bank transfer, bill payment, and e-commerce (PayMaya Mall) facilities. Customers can also connect with 350 top retailers. Voyager is also applying for its digital banking license. It has submitted its documentation to the BSP in this regard. The neo-bank will start approximately six months post getting the license.

PayMaya users may top-up accounts throughout 250,000+ digital touch points, inclusive of convenience stores. The Philippines has a high bank branch and ATM count according to the company, making this an easier solution for consumers as compared to conventional banking channels, especially in rural zones. More than 71% of citizens in the country did not have bank accounts as of 2019, according to a BSP study. PayMaya’s service for remittance is known as Smart Padala. Its registered user base surged to 38 million people over the last 18 months. Voyager is already scaling up PayMaya services in the current year. It now offers PayMaya Protect insurance policies for health and medical devices. PayMaya Lending Corp also sanctions working capital loans for businesses.