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Manila Bulletin devider Business devider Voyager gets $120 M new equity infusion

Voyager gets $120 M new equity infusion

Published Apr 7, 2020 12:00 am
By EMMIE V. ABADILLA A handful of investors committed US$120 million new funds to enable tech firm Voyager Innovations (Voyager) to expand as its financial technology arm, PayMaya Philippines, caters to more Filipinos turning to cashless transactions and digital finance during the Luzon-wide lockdown. The investors include PLDT Inc., along with global investment firm KKR Tencent, a leading provider of internet value-added services in China, IFC, a member of the World Bank Group, and the IFC Emerging Asia Fund, a fund managed by IFC Asset Management Company. The fresh funding is a follow-through to their US$215 investment to Voyager in 2018. The new US$120 million investment is part of a broader fundraise for Voyager and is intended to support PayMaya’s growth as it accelerates digital and financial inclusion in the Philippines, according to the official joint statement of the 5 investors. Voyager is also in talks with other strategic and financial investors. “This fresh round of investment is a testament to Voyager’s success in providing Filipinos with access to convenient, relevant and inclusive digital financial services through Pay¬Maya," they stated. "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 that the Philippine community faces today.” “In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population," noted Orlando B. Vea, CEO and Founder of Voyager Innovations. "This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important.” “Our end-to-end digital financial services are becoming more relevant in the daily lives of Filipinos, from sending money, buying airtime load, or paying for purchases through our PayMaya wallet, bridging the unbanked and underserved via mobile remittance through our over 27,000 Smart Padala partner touchpoints in communities, to enabling payment acceptance for all kinds of merchants," added Shailesh Baidwan, President of Voyager Innovations and PayMaya Philippines. Voyager’s PayMaya is the only end-to-end digital payments ecosystem enabler in the Philip¬pines with platforms and services that cuts across consumers, merchants, and government. Aside from providing the payments acceptance for the largest e-Commerce, food, retail and gas merchants in the Philippines, PayMaya is enabling national and social services agencies as well as local government units with digital payments and disbursement services. Through its PayMaya app and wallet, it provides millions of Filipinos with a way to own a financial account with over 40,000 Add Money touchpoints nationwide, more than double the total number of traditional bank branches in the Philippines combined. Its Smart Padala by PayMaya agent network serves as last mile digital financial hubs in communities, providing the unbanked and underserved with access to services.
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