Voyager is now the 2nd fintech unicorn in the Philippines and is aiming to improve items provided by its digital payments app PayMaya.
Philippine fintech start-up Voyager Innovations just recently revealed that it accomplished unicorn status after raising $210 million in financing According to the company, which likewise owns the Philippines’ leading digital payments app PayMaya and neobank Maya Bank, it now has a $1.4 billion appraisal. The newly-generated capital will go towards the advancement of the crypto offerings that Voyager just recently onboarded to its PayMaya payments app. Voyager plans to utilize the funds to release Maya Bank services, consisting of cost savings and credit items, through PayMaya.
PayMaya just recently acquired a Virtual Asset Services Provider (VASP) license from the Philippine Central Bank. Since the completion of March, the digital payments app had a user base of more than 47 million.
The financing round, led by SIG Venture Capital, likewise saw involvement from brand-new and returning investing investors. Many of these financiers are popular businesses in the Philippines and the higher Asian area. They consist of EDBI, First Pacific Company, PLDT, KKR, Tencent(HKG: 0700), and International Finance Corporation. Completing this list are IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund.
Voyager’s brand-new multibillion-dollar appraisal makes it the 2nd unicorn in the Philippines. The innovation start-up’s competitor, Mynt, is just another Philippine unicorn.
Voyager Aims to Expand the Philippine Fintech Space with New Unicorn Status
Voyager likewise seeks to utilize a huge range of standard and crypto-centric banking products or services with its newly found status. Speaking on the business’s brand-new wherewithal to broaden throughout several frontiers, the business’s president Shailesh Baidwan presumed:
” The strong recommendation from our brand-new investors and involvement of our existing financiers in this fundraising confirms the business’s capability to broaden into neo banking and include brand-new advanced monetary product or services.”
In addition, Baidwan, who likewise works as PayMaya’s president, mentioned Voyager’s function is to resolve “the bottled-up need for monetary services.” As he put it:
” We are thrilled to bring more game-changing developments to countless customers and MSMEs with our incorporated community.”
According to Orlando B. Vea, Voyager and PayMaya CEO and creator, numerous Filipinos are “underserved and unbanked.” These shortages remain in regards to the web and digital financing offered throughout the Southeast Asian archipelagic nation. By extending its market reach, PayMaya looks to make many of this obvious space.
Philippine Fintech Growth Trajectory
The Philippines has among the fastest-growing fintech markets in Southeast Asia. The nation saw a significant boost in the adoption of digital services throughout the Covid pandemic. Put in point of view, the web economy in the Philippines rose by 93% to $17 billion in2021 Now, according to a report by Google, Temasek, and Bain & & Co, that number is anticipated to grow even greater to $40 billion by 2025.
Many think that the growth of web commerce in the Philippines will increase crypto adoption. The nation does not have any laws limiting crypto activities, its main bank continues to alert financiers about the dangers.