Voyager Innovations, the mother unit of digital payment firm PayMaya Philippines, has announced that it has secured $120 million in new funding to support the expansion efforts of PayMaya.
The new investment came from PLDT, KKR, Tencent, IFC, and the IFC Emerging Asia Fund. In 2018, a total of $215 million was invested by KKR, Tencent, IFC, and IFC Emerging Asia Fund.
The $120-million investment is part of a broader fundraise for Voyager and is intended to support PayMaya’s rapid growth. The company said it is also in talks with other strategic and financial investors.
The fresh funding also comes as government, businesses, and consumers are turning to cashless transactions and digital finance as part of a broader response to present-day challenges.
“In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population. This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important,” said Orlando B. Vea, CEO and founder of Voyager Innovations.
Shailesh Baidwan, president of Voyager Innovations and PayMaya Philippines, said: “This investment will enable us to better support our financial inclusion thrust, while allowing us to expand to adjacent services.”
PayMaya has an end-to-end digital payments ecosystem that cuts across consumers, merchants, and government. Aside from providing the payments acceptance for e-commerce, food, retail and gas merchants in the Philippines, PayMaya also is enabling national and social services agencies as well as local government units with digital payments and disbursement services.
Through its PayMaya app and wallet, it is provides Filipinos with a way to own a financial account with over 40,000 Add Money touchpoints nationwide, which is more than double the total number of traditional bank branches in the Philippines combined. Its Smart Padala by PayMaya agent network serves as last mile digital financial hubs in communities, providing the unbanked and underserved with access to services.