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Fintech companies in the Philippines are seeking to expand its digital banking services, as the … [+] country’s central bank starts to issue relevant licenses.
Voyager Innovations said it has raised $167 million to accelerate the expansion of fintech unit PayMaya Philippines, as the company seeks a digital banking license from the country’s central bank.
The fintech company said existing shareholders, including U.S. private equity firm KKR, Chinese tech giant Tencent and the Philippines’ largest telco PLDT, invested in the latest funding round. A fund managed by the World Bank’s International Finance Corporation had also participated.
“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 founder and CEO Orlando Bea said in a statement.
Voyager has applied for a digital banking license with the Philippines’ central bank. Once it gets the license, the company will be able to provide smart neo-banking services on the back of PayMaya’s technology platforms.
The central bank of the Philippines building in Manila.
“We will enable the large masses of Filipinos to leapfrog into a new stage of financial inclusion through integrated digital financial services. Our goal is to continue making lives better for millions of underserved people and small businesses,” said Voyager and PayMaya President Shailesh Baidwan.
With less than a third of Filipinos having formal banking accounts, the adoption of digital payments in the country has been increasing rapidly in recent years.
Voyager said the total number of registered users of its PayMaya mobile wallet and remittance services doubled to 38 million in the 18 months through June 2021, reaching more than half of the adult population in the Philippines.
Founded in 2013, Voyager provides mobile payments and remittances to consumers, while enabling businesses to receive digital and credit card payments.
