Voyager Innovations Raises $210M to Expand Mobile Wallet Financial Services Ecosystem and Digital Banking Units
FILIPINO tech company Voyager Innovations raised $210 million in new capitalization, boosting its valuation to unicorn-plus status at nearly $1.4 billion.
Leading the round was SIG Venture Capital, the Asian arm of Susquehanna International Group. Other new investors included Singapore-based EDBI and investment holding company First Pacific Company Ltd. Existing Voyager shareholders PLDT Inc., KKR, Tencent, International Finance Corp., IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund also participated in the round. .
The company will use the new investment to launch Maya Bank’s services, such as savings and credit, which will be seamlessly integrated and offered on PayMaya’s platforms for consumers and businesses, including micro, small and medium-sized enterprises (MSMEs). It will also continue to expand PayMaya’s offerings with new products such as cryptocurrency, micro-investments, insurance and more as an all-in-one money app in the country.
“Our strong track record of execution and innovation is a testament to the hard work and talent of our world-class team. With this milestone, we are excited to leap forward and bring the best of PayMaya and Maya Bank to help unlock the digital economy for underserved and unbanked Filipinos,” said Orlando B. Vea , CEO and Founder of Voyager and PayMaya.
The Philippines is Southeast Asia’s fastest growing market, with digital adoption of services reaching tipping points during the pandemic due to the demands of a young, digitally savvy population. In fact, the 2021 Southeast Asia e-Conomy report by Google, Temasek and Bain & Company showed that the country’s internet economy grew by 94% from 2020 to 2021 and is expected to reach $40 billion. by 2025, fueled by thriving e-commerce and strong adoption of e-wallet payments.
Despite this accelerated trajectory, the Philippines remains a largely underserved market with solid growth opportunities. About 47% of Filipino adults have no savings. One in two of those with savings save through informal means, while one in three have loans, of which only 18% use banks.
The huge opportunity of digital financial services extends to MSMEs, which account for 99.5% of the total number of establishments and employ 62.8% of the entire workforce in the country. Access to credit and financial services remains a problem for them, with only 24% using loans or having lines of credit from formal financial institutions.
PayMaya and Maya Bank seek to meet the challenge of accelerating adoption in a country with limited merchant acceptance and banking presence by providing end-to-end services from an integrated ecosystem.
At the end of March, PayMaya had more than 47 million registered users on its consumer platforms, more than two-thirds of the national adult population. It recently introduced cryptocurrency through its e-wallet app. Additionally, it enables over 630,000 online and face-to-face touchpoints, including 63,000 Smart Padala agents, to accept digital payments from e-wallets and QR to any credit card, debit and prepaid.
Voyager entered the digital banking space with Maya Bank, which piloted last month. Together with PayMaya, they will help accelerate the country’s goals of transforming 50% of total retail payment volume into digital and expanding financial inclusion to 70% of Filipino adults by 2023.