PayMaya receives USD 210 million in new funds, promises service expansion in the future

PayMaya just raised USD 210 million in new funds effectively bringing Voyager's valuation up to USD 1.4 billion. Read on for more!

PayMaya looks to expand services using the new funding

Voyager Innovations to expand financial services of PayMaya through USD 210 million of new funds!

The new round of funding is led by new investor SIG Venture Capital, global investor EDBI and First Pacific Company Ltd. In addition, existing shareholders also pitched in including PLDT Inc., KKR investment firm, Tencent, International Finance Corporation, IFC Emerging Asia Fund, and IFC Financial Institutions Growth Fund.

The additional funds will be used by Voyager Innovations to introduce Maya Bank services, such as savings and credit, which will be available for individuals and businesses, including micro, small, and medium-sized companies (MSMEs), over PayMaya's platforms. PayMaya will continue to extend its portfolio with additional items such as cryptocurrencies, micro-investments, insurance, and more.

PayMaya and Maya Bank aim to solve the problem of deepening adoption in a country with limited merchant acceptance and banking presence by providing end-to-end services from a unified ecosystem.

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