Voyager Innovations raises $167-M to expand PayMaya operations

PLDT Inc.’s digital unit Voyager Innovations Inc. secured some $167 million from its latest funding round, which the firm intends to use for its financial inclusion efforts under PayMaya Philippines Inc.

The latest funding round was participated in by existing shareholders PLDT, global investment firm Kohlberg Kravis Roberts & Co. (KKR), and Chinese tech firm Tencent Holdings Ltd.

An investment was also made by IFC Financial Institutions Growth Fund, a fund managed by IFC AMC — a division of the International Finance Corporation which is an existing Voyager investor.

The latest funding includes $121 million in fresh funding and $46 million from previously committed funds. Voyager stakeholders last year committed to infusing $120 million in fresh capital.

Voyager said the proceeds will be used to expand PayMaya services and to continue enabling more unbanked and underserved individuals and micro, small, and medium enterprises (MSMEs) with new and inclusive products.

Once granted a digital bank license by the Bangko Sentral ng Pilipinas (BSP), the new entity plans to offer mobile-first, low-cost, round-the-clock neo-banking services on the back of PayMaya’s platforms.

“This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service,” Voyager and PayMaya Chief Executive Officer Orlando Vea said in an emailed statement.

“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,” added Voyager and PayMaya President Shailesh Baidwan.

Shares in PLDT Inc. closed Monday at P1,285.00 apiece, down by P3.00 or 0.23% from last Friday’s finish of P1,288. — DVM, GMA News