Philippines-based financial technology app developer Voyager Innovations raised $167m from investors including telecommunications firm PLDT and internet technology group Tencent today.
The round also featured investment firm KKR and the International Finance Corporation’s IFC Financial Institutions Growth Fund, which is managed by IFC Asset Management Company. It consists of $121m of newly raised funding and $46m from previously committed funds.
Voyager is the operator of PayMaya, a financial services app that provides digital payment processing for more than 38 million people. It was originally formed as the digital innovation arm of PLDT.
The company has applied for a digital bank license with the Philippines’ central bank, Bangko Sentral ng Pilipinas, and plans to use the funding to expand the services of its PayMaya app and add new products including lending, insurance, savings and investments.
Orlando B Vea, founder and CEO of Voyager and PayMaya, said: “We have seen a quantum leap for digital payments adoption in the Philippines over the past year, and PayMaya has served as the nexus connecting consumers and enterprises with enriching digital finance experiences.
“This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service.”
PLDT, Tencent, KKR, IFC and its IFC Emerging Asia Fund had committed up to $120m of funding to Voyager in April 2020, as part of a broader fundraise likely related to the one announced today.
In December 2018, IFC and IFC Emerging Asia Fund provided a $40m extension to the $175m first close of a round backed by Tencent and KKR in October that year. That round reduced PLDT’s stake in Voyager to less than 50%, though it remained the company’s largest shareholder.