Voyager Innovations, the Filipino technology firm behind popular payments app PayMaya, has raised US$167 million in funding to launch a digital bank.
The round was joined by local telco PLDT, investment firm KKR, Chinese giant Tencent, and IFC Asset Management Company.
PayMaya’s mobile wallet and digital remittance businesses are used by 38 million people – more than half the adult population of the Philippines.
Meanwhile, over the last year its enterprise business has posted a four-fold increase in merchant acceptance points equipped with technology that accept credit, debit, and prepaid cards, as well as e-wallets, for both face-to-face and online transactions.
Now, it wants to expand its offering, applying for a digital bank license so that it can offer products such as credit, insurance, savings, and investments.
Shailesh Baidwan, president, Voyager and PayMaya, says: “As we did with payments and remittances, we will enable the large masses of Filipinos to leapfrog into a new stage of financial inclusion through integrated digital financial services.
“Our goal is to continue making lives better for millions of underserved people and small businesses, with cutting edge solutions that are affordable and relevant.”