Filipino fintech firm Voyager Innovations has raised $210m in new funding round, at a valuation of around $1.4bn.
SIG Venture Capital led the round, which was joined by EDBI and First Pacific along with Voyager’s existing investors PLDT, KKR, Tencent and International Finance Corporation (IFC).
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Funds managed by IFC’s asset management arm IFC AMC—IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund —also joined the round.
Voyager claims to serve more than 47 million Filipinos through its end-to-end money platform PayMaya.
The firm will use the proceeds to launch new savings and credit services on Maya Bank and enhance PayMaya’s product portfolio by adding new offerings such as micro-investments, cryptocurrency, and insurance.
The new services will be available through PayMaya’s platforms for consumers and micro, small and medium-sized companies.
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By GlobalDataVoyager and PayMaya president Shailesh Baidwan said: “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.
“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.”
In September 2021, Voyager entered the digital banking space after PayMaya secured a digital banking licence from the BSP.
PayMaya established the country’s sixth digital bank and began pilot testing in March 2022.
SIG member Akshay Bajaj said: “The PayMaya team is a world-class set of professionals who have built the most complete and unified fintech ecosystem in the market. Leveraging PayMaya’s distribution strength with enterprises and consumers, Maya Bank has the potential to be one of the most successful digital banks not just in the Philippines, but globally.”
