Voyager Innovations, the developer behind leading payment platform PayMaya Philippines, has bagged $120 million (P6 billion) in investment commitments from five backers: PLDT, KKR, Tencent, International Finance Corp (IFC), and the IFC Emerging Asia Fund.
According a report from Deal Street Asia, the investment will be used toward Voyager’s expansion in the Philippines and its “success in providing Filipinos with access to convenient, relevant, and inclusive digital services.”
“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 the community faces today,” said Voyager’s five investors in a collective statement.
This $120 million investment comes just two years after the then startup secured a $215 million investment in 2018 by the same local and international investors. Voyager is currently the developer behind big financial brands like PayMaya and Smart Padala.
“In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population,” said Voyager Innovations founder and CEO Orlando Vea. “This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important.”
The demand for cashless apps and payment platforms is on the rise as millions of Filipinos are now restricted to their homes. Banks have also called on Filipinos to turn to online payments while a number of branches are closed during enhanced community quarantine.
