• Philippines’ Voyager Innovations secures US$167 M for PayMaya expansion

    Voyager Innovations (“Voyager” or the “Company”), the leading technology company in the Philippines, announced that it raised US$167 million to fasttrack financial inclusion in the Philippines through its financial technology arm, PayMaya Philippines (“PayMaya”).

    Participating in the funding were existing shareholders PLDT Inc. (“PLDT”) (NYSE: PHI) (PSE: TEL), the Philippines’ largest integrated telecommunications company and leading digital services provider; KKR, a global investment firm; and Tencent, a leading technology company in China. Voyager welcomed IFC Financial Institutions Growth Fund, a fund managed by the IFC Asset Management Company (“IFC AMC”), as a new investor. IFC AMC is a division of the International Finance Corporation (“IFC”), a member of the World Bank Group, and an existing investor in Voyager.

    The fundraising marks another milestone for Voyager after having successfully grown PayMaya’s mobile wallet, payments processing, and digital remittance businesses. Voyager is now leveraging this unique ecosystem to expand into digital banking for the next phase of its mission to improve financial inclusion in the Philippines. Towards this end, it applied for a digital bank license with the country’s central bank, the Bangko Sentral ng Pilipinas (“BSP”).

    Voyager will use the new funds to expand its PayMaya services and to continue 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.

    Once granted a digital bank license by the BSP, the new entity will 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.

    Voyager's latest fundraising underscores its leadership and its ability to continue growing an inclusive, sustainable, and diversified business that addresses the entire Philippines’ digital financial services market.

    This investment includes US$121 million in fresh funding and US$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.
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