Voyager Innovations becomes PH’s 2nd unicorn with more than $1B valuation
Voyager Innovations, the digital arm of PLDT and the parent company of end-to-end money platform PayMaya and neobank Maya Bank, has raised $210 million, making it the second ‘unicorn’ in the Philippines with a valuation of more than $1 billion.
Leading the round is new investor SIG Venture Capital, the Asian venture capital arm of SIG. Other new investors include Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd.
The round also includes the participation of the tech company’s existing shareholders, namely telecommunication company PLDT Inc., global investment firm KKR, tech company Tencent, International Finance Corporation, and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, which are managed by IFC Asset Management Company.
“The strong endorsement from our new shareholders and participation of our existing investors in this fundraising validates the Company’s ability to expand into neobanking and add new cutting-edge financial products and services,” said Shailesh Baidwan, Voyager and PayMaya President. “We are excited to bring more game-changing innovations to millions of consumers and MSMEs with our integrated ecosystem as we address the pent-up demand for financial services.”
The new funds will be used to expand the financial services ecosystem of PayMaya and the new digital bank Maya Bank. According to PLDT, this means new products like cryptocurrency, micro-investments, and insurance for the former and savings and credit services for the latter, which will be offered seamlessly across PayMaya’s platforms for consumers and enterprises, as well as MSMEs.
Source:
SUGGESTED ARTICLES
