PLDT Inc.’s digital unit Voyager Innovations Inc. raised $210 million in its latest funding round to hit ‘unicorn’ status, which the firm will use to launch Maya Bank services.
The latest funding round brought Voyager’s valuation to nearly $1.4 billion, making it the second Philippine unicorn after Globe Fintech Innovations Inc. (Mynt).
Among the new investors is SIG Venture Capital, along with Singapore-based EDBI and investment holding firm First Company Ltd.
Participants also included Voyager’s existing shareholders PLDT Inc., global investment firm KKR, Chinese financial giant Tencent, the International Finance Corporation, IFC Emerging Asia Fund, and IFC Institutions Growth Fund.
“The company will use the new funds to launch Maya Bank services, such as savings and credit, which will be offered seamlessly across PayMaya’s platforms for consumers and enterprises, including micro, small, and medium-sized enterprises or MSMEs,” PLDT said in an emailed statement.
“It will also continue to expand PayMaya’s offering with new products like cryptocurrency, micro-investments, insurance, and more, as the all-in-one money app of the Philippines,” it added.
Voyager secured some $167 million in its 2021 funding round, which the firm also used for its financial inclusion efforts under PayMaya Philippines Inc.
This included $121 million in fresh funding, and $46 million from previously committed funds. Stakeholders in 2020 committed to infuse $120 million in fresh capital.
The company in September last year got the approval of the central bank’s Monetary Board to establish the Maya Bank.
“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,” Voyager and PayMaya president Shailesh Baidwan said.
Shares in PLDT were trading down P8.00 or 0.44% to P1,820.00 apiece as of 10:48 a.m. on Tuesday. —Jon Viktor Cabuenas/KG, GMA News
Voyager Innovations raises $210M to hit unicorn status
Source: News Panda Philippines
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