Voyager Innovations, a technology company in the Philippines, has announced that it raised US$167 million to fast-track financial inclusion in the Philippines through its financial technology arm, PayMaya Philippines.
Participating in the funding were existing shareholders PLDT Inc., the Philippines’ integrated telecommunications company and digital services provider; KKR, a global investment firm; and Tencent, a technology company in China.
Voyager welcomed IFC Financial Institutions Growth Fund, a fund managed by the IFC Asset Management Company, as a new investor, according to a statement. IFC AMC is a division of the International Finance Corporation, a member of the World Bank Group, and an existing investor in Voyager.
Voyager will use the new funds to expand its PayMaya services and to continue enabling more individuals and MSMEs with new products, such as credit, insurance, savings, and investments, through a soon-to-be-established digital bank.
Orlando B. Vea, Voyager and PayMaya CEO-Founder, said, “We have seen a quantum leap for digital payments adoption in the Philippines over the past year, and PayMaya has served as the nexus connecting consumers and enterprises with enriching digital finance experiences. This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service.”
Shailesh Baidwan, Voyager and PayMaya President, added, “As we did with payments and remittances, we will enable the large masses of Filipinos to leapfrog into a new stage of financial inclusion through integrated digital financial services. Our goal is to continue making lives better for millions of underserved people and small businesses, with cutting edge solutions that are affordable and relevant.”
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