Paymaya Operator Raises Usd 167M To Expand Services, Open Digital Bank

PLDT's financial technology arm Voyager Innovations has secured fresh investments totaling USD 167 million as it targets to launch a digital bank.

An open-air market customer scans to pay using PayMaya QR for his purchases.

Voyager secures new funding for PayMaya expansion

PLDT's disclosure to the Philippine Stock Exchange on Monday bared that PayMaya Philippines' owner raised new capital to expand the group's financial services.

Current shareholders PLDT, KKR, a global investment firm; and Tencent, a leading technology company in China took part in the fundraising.

The group also welcomed IFC Financial Institutions Growth Fund as a new investor.

The telco giant said Voyager will use the new investments to boost financial inclusion in the country, enabling more unbanked and underserved individuals and MSMEs with new and inclusive products, such as credit, insurance, savings, and investments, through a soon-to-be-established digital bank.

It noted Voyager already applied for a license to operate a digital bank.

Once it secures a digital bank license from the central bank, Voyager said it would provide "mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services on the back of PayMaya’s proven technology platforms."

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 sasaran market for the digital banking service, said Orlando B. Vea, Voyager and PayMaya CEO-Founder.

As the pandemic forced Filipinos to tap digital payments amid threats of the COVID-19, Voyager said its PayMaya mobile wallet and Smart Padala recorded strong saat-saat, with registered users doubling in just 18 months to 38 million.