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Voyager Innovations travels further into banking on $210 million fund raise

Voyager Innovations travels further into banking on $210 million fund raise

Voyager Innovations, the technology company behind the Philippine's money transfer app PayMaya and neobank Maya Bank, has raised $210 million at a unicorn valuation of $1.4 billion.

Leading the round is new investor SIG Venture Capital, alongside new investors EDBI and First Pacific Company. Existing shareholders PLDT, KKR Tencent and IFC also participated.

The company says it will use the funds to spur its integrated ecosystem approach to financial services by launching savings and credit offering for consumers and businesses from Maya Bank within the PayMaya app. The firm further intends to embedd cryptocurrency, micro-investments and insurance offerings within the app.

Shailesh Baidwan, Voyager and PayMaya president, says: "The strong endorsement from our new shareholders and participation of our existing investors in this fundraising validates the company's ability to expand into neobanking and add new cutting-edge financial products and services."

The strategy is built on strong foundations. As of end-March 2022, PayMaya had over 47 million registered users across its consumer platforms - more than two-thirds of the adult population in the Philippines.

Voyager entered the digital banking space with Maya Bank, securing one of the six digital banking licenses from the BSP in September 2021 and commencing pilot testing in March 2022.

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