Voyager Innovation has raised $210 million at a $1.4 billion valuation

• BySheetal Sidhu     |    April 12, 2022

Voyager Innovations, the company behind PayMaya, a payment, and financial services app in the Philippines, and Maya Bank, a neobank, revealed today that it has received $210 million, raising its total worth to $1.4 billion.

EDBI and First Pacific Company, as well as returning shareholders PLDT, KKR, Tencent, International Finance Corporation, IFC Emerging Asia Fund, and IFC Financial Institutions Growth Fund, participated in the round, which was led by SIG Venture Capital.

The money will be used to provide Maya Bank services, such as savings and credit cards, through PayMaya, which, along with GCash and Coins, has over 47 million registered users and is one of the most popular financial apps in the Philippines.

PayMaya, which already features a digital wallet, online remittances, bill payments, bank transfers, prepaid cards, and an e-commerce feature called PayMaya Mall, will get cryptocurrencies, micro-investments, and insurance products from Voyager. The most recent round of investment for Voyager occurred in July 2021, when the company raised $167 million in anticipation of the launch of its neobank.

Voyager announced at the time that it had applied for a digital bank license with the Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP). The BSP estimates that nearly half of the country’s adult population is unbanked, although it has set a goal of bringing 70% of Filipino adults onto payment or transaction accounts by 2023.

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