Maya reports profitability, driven by loan growth, digital payments

Local fintech Maya reported group-wide profitability last year, driven by the issuance of over 125,000 credit cards in six months, solidifying its position in the Philippine financial sector.

“Achieving profitability while scaling rapidly demonstrates our ability to drive sustainable growth,” said Shailesh Baidwan, Maya Group president and Maya Bank co-founder. “We are building a digital-first financial ecosystem that empowers millions of Filipino consumers and MSMEs to save, borrow, invest, and transact.”

Maya is among the few profitable digital banks in the country, attributing its success to its robust payments and digital banking ecosystem.

The Landers Cashback Everywhere Credit Card, launched in August 2023, saw strong consumer demand, with nearly 40 percent of cardholders being first-time credit users and 60 percent residing outside Metro Manila. Maya’s streamlined digital application and instant activation facilitated this rapid adoption.

By the end of 2023, Maya’s banking customer base grew to 5.4 million, a 71 percent year-over-year increase, and its borrower base nearly doubled to 1.6 million. Deposits rose to ₱39 billion, up 59 percent from 2023, while cumulative loan disbursements reached ₱92 billion.

Maya also maintained its leadership in digital payments, holding the largest market share in card acquiring and QRPh transactions. Furthermore, it expanded its business banking and MSME-focused services, introducing bill payment solutions and custom loan terms.

Maya remains focused on expanding its credit and lending portfolio, enhancing enterprise solutions, and scaling sustainably while deepening financial inclusion.