The Philippines-based Voyager Innovations became the latest company to achieve the status of a unicorn after a significant funding round. The company behind the end-to-end money platform PayMaya has secured $210 million in new funding.
With a valuation of $1.4 billion, Voyager is one of the most valuable technology companies in the Philippines. SIG Venture Capital, the Asian venture capital arm of SIG, led the recent investment round. The funding also saw participation from Singapore-based global investor EDBI and investment holding company First Pacific.
With the funding, the company is planning to expand its services substantially. According to Voyager, the $210 million round will enhance the offerings of PayMaya and Maya Bank.
Shailesh Baidwan, Voyager and PayMaya’s President, said: “The strong endorsement from our new shareholders and participation of our existing investors in this fundraising validates the Company’s ability to expand into neo-banking and add new cutting-edge financial products and services. We are excited to bring more game-changing innovations to millions of consumers and MSMEs with our integrated ecosystem as we address the pent-up demand for financial services.”
Regional Growth Opportunities
The Philippines is one of the fastest-growing economies in the Southeast Asia region. According to Voyager, PayMaya saw significant adoption in the country during the last few years. With more than 47 million registered users, PayMaya substantially enhanced its offerings recently to meet the growing demand of consumers.
“The PayMaya team is a world-class set of professionals who have built the most complete and unified fintech ecosystem in the market. Leveraging PayMaya’s distribution strength with enterprises and consumers, Maya Bank has the potential to be one of the most successful digital banks not just in the Philippines, but globally. We are thrilled to partner with Voyager and existing shareholders to drive the digital ecosystem to new heights,” Akshay Bajaj, who led the investment for SIG, commented.
The Philippines-based Voyager Innovations became the latest company to achieve the status of a unicorn after a significant funding round. The company behind the end-to-end money platform PayMaya has secured $210 million in new funding.
With a valuation of $1.4 billion, Voyager is one of the most valuable technology companies in the Philippines. SIG Venture Capital, the Asian venture capital arm of SIG, led the recent investment round. The funding also saw participation from Singapore-based global investor EDBI and investment holding company First Pacific.
With the funding, the company is planning to expand its services substantially. According to Voyager, the $210 million round will enhance the offerings of PayMaya and Maya Bank.
Shailesh Baidwan, Voyager and PayMaya’s President, said: “The strong endorsement from our new shareholders and participation of our existing investors in this fundraising validates the Company’s ability to expand into neo-banking and add new cutting-edge financial products and services. We are excited to bring more game-changing innovations to millions of consumers and MSMEs with our integrated ecosystem as we address the pent-up demand for financial services.”
Regional Growth Opportunities
The Philippines is one of the fastest-growing economies in the Southeast Asia region. According to Voyager, PayMaya saw significant adoption in the country during the last few years. With more than 47 million registered users, PayMaya substantially enhanced its offerings recently to meet the growing demand of consumers.
“The PayMaya team is a world-class set of professionals who have built the most complete and unified fintech ecosystem in the market. Leveraging PayMaya’s distribution strength with enterprises and consumers, Maya Bank has the potential to be one of the most successful digital banks not just in the Philippines, but globally. We are thrilled to partner with Voyager and existing shareholders to drive the digital ecosystem to new heights,” Akshay Bajaj, who led the investment for SIG, commented.
Source: https://www.financemagnates.com/fintech/news/voyager-innovations-secures-210-million-in-funding/