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Voyager Innovations bags $120 Million for PayMaya Expansion

PayMaya’s mother company Voyager Innovations secures $120 million new capital from PLDT Inc., KRR, Tencent Holdings Ltd., IFC and IFC Emerging Asia Fund.

Voyager Innovations is a technology company that is involved in the development and delivery of digital services. It is part of First Pacific and is a wholly-owned subsidiary of Smart Communications Inc. The company is focused on delivering innovative digital solutions for future new business streams and evolving business models. Based in the Philippines, the company is involved in the creation, development, and delivery of digital services.

Voyager announced that they have secured $120 million or a massive P6.08 billion in new capital from PLDT Inc., KRR, Tencent Holdings Ltd., IFC and IFC Emerging Asia Fund. The capital will be used for the expansion of its mobile payment app PayMaya.

“In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population. This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial service becomes even more important,” said Orlando Vea, founder and CEO of Voyager Innovations.

In 2018, Voyager also received a $215 million form foreign stakeholders. The said $120 million new investment is a part of a broader fundraiser for Voyager and is a proposal for the rapid growth of its payment service PayMaya as it pursues its mission to boost digital and financial inclusion in the Philippines.

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 PayMaya. 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,” said PLDT, KKR, IFC, IFC Emerging Fund and Tencent in a joint statement.

PayMaya Philippines is the leading digital financial services provider in the country, uniquely offering the widest range of integrated payments solutions for enterprises and consumers.​

Shailesh Baidwan, President of Voyager Innovation also commented, “Today, more than ever, our end-to-end digital financial services are becoming more relevant and embedded 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. This investment will enable us to better support our financial inclusion thrust, while allowing us to expand to adjacent services.”