Voyager Innovations, a digital unit of PLDT, has raised $210 million (approx. ₱10.9 billion) to expand the services of its online payment platform PayMaya.
With the newly raised funding from SIG Venture Capital, EDBI, First Pacific Company, and other investment firms, Voyager has boosted its valuation to $1.4 billion (~₱72.8 billion). Existing shareholders such as Tencent, KKR, and PLDT itself have also committed to the additional funding.
According to Voyager, the funds will be used to launch the digital banking experience Maya Bank which will offer savings and credit products for consumers and merchants.
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New products such as cryptocurrency, insurance, and micro-investments will also be added on top of the existing digital wallet, online shopping, money remittance, bill payments, and other features already available in PayMaya.
PayMaya has 47 million registered users as of March 2022. Its primary competitors GCash and Coins.ph have 51 million (as of November 2021) and 16 million (as of September 2021) users, respectively.