The fundraising was backed by existing shareholders PLDT Inc, global investment firm KKR, and Chinese tech giant Tencent. IFC Financial Institutions Growth Fund, a fund managed by the IFC Asset Management, also participated as a new investor, according to the announcement.
Voyager said it will use the new funds to expand its PayMaya services and to continue enabling more unbending and underserved individuals and MSMEs with new inclusive products, such as credit, insurance, savings, and investments through a soon-to-be-established digital bank.
Once granted a digital bank license by the Bangkok Sentral ng Pilipinas, the new entity will provide mobile-first, low-costs, round-the-clock, and smart neo-banking services on the bank of PayMaya’s technology platforms.
“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,” said Shailesh Baldwan, Voyager and PayMaya president.
The fundraising marks another milestone for Voyager after having successfully grown PayMaya’s mobile wallet, payments processing, and digital remittance businesses.
PayMaya has continually led the change in fostering deeper adoption of digital payments across consumers, enterprises, and government, hitting crucial milestones despite COVID-19 quarantine measures imposed starting March 2020.
In January this year, PayMaya began expanding its digital financial services offerings with “sachet” loans for MSMEs through its lending arm, PayMaya Lending Corp., and health and device protection products with insurance partners.
“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,” said Orlando B. Vea, Voyager and PayMaya CEO and founder.
The latest investment includes $121 million in fresh funding and $46 million from previously committed funds. KKR makes its investment from its Asia private equity fund. IFC Emerging Asia Fund, a fund managed by IFC AMC, is also an investor in Voyager.