PayMaya's Parent Voyager Plans Digital Banking Venture

It raised $167 million for the effort.

by Reuters

Photo/s: courtesy of PayMaya Philippines

Voyager Innovations, which operates PayMaya, has raised $167 million for its expansion program, including a venture into digital banking, its largest shareholder PLDT said on Monday.

Shareholders PLDT Inc, private equity firm KKR & Co Inc and Chinese tech giant Tencent Holdings Ltd participated in the funding round, PLDT said in a disclosure.

Voyager, which serves 38 million Filipinos through its consumer platforms that include e-wallet and digital payments, welcomed a unit of the World Bank Group's International Finance Corp (IFC) as a new investor.

The fintech firm said it applied for a digital banking license with the Bangko Sentral ng Pilipinas, which has so far granted three firms an approval to operate.

Only a third of Filipinos have a formal bank account, among the lowest in Asia, giving fintech firms an attractive leeway for growth.