Voyager Innovations secures $120-M fresh funding

Stakeholders of Voyager Innovations Inc. have committed to infuse $120 million in fresh capital to fuel expansion moving forward to support initiatives to accelerate digital and financial inclusion in the Philippines.

Voyager on Monday said its stakeholders —PLDT Inc., Kohlberg Kravis Roberts & Co. (KKR)., Tencent Holdings Ltd., International Finance Corp. (IFC), and IFC Emerging Asia Fund —have already inked agreements for the additional funding.

"This fresh round of investment is a testament to Voyager’s success in providing Filipinos with access to convenient, relevant and inclusive digital financial services through PayMaya," the stakeholders said in an emailed statement.

They were referring to PayMaya Philippines Inc., the financial technology firm of Voyager connected in mobile money and payments with some 40,000 Add Money touchpoints across the country.

"This is also a recognition of the significant role that the Philippine financial technology industry can play in providing meaningful digital solutions to many of the crucial and very-human challenges that the Philippine community faces today," the statement read.

According to Voyager, the $120 million investment is part of a broader fundraising program, as the company is also in talks with other strategic and financial investors.

"In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population," Voyager chief executive officer and founder Orlando Vea said.

"This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important," he elaborated.

PayMaya currently provides payments acceptance for the e-commerce, food, retail, and gas merchants in the Philippines.

"Today, more than ever, our end-to-end digital financial services are becoming more relevant and embedded in the daily lives of Filipinos - from sending money, buying airtime load, or paying for purchases through our PayMaya wallet, bridging the unbanked and underserved via mobile remittance through our over 27,000 Smart Padala partner touchpoints in communities, to enabling payment acceptance for all kinds of merchants,"  Shailesh Baidwan, president of Voyager, said.

"This investment will enable us to better support our financial inclusion thrust, while allowing us to expand to adjacent services," he added. —LDF, GMA News