Philippines-based financial technology app developer Voyager Innovations received $210m on Monday in a funding round led by quantitative trading firm Susquehanna International Group’s SIG Venture Capital subsidiary.
Internet technology group Tencent, telecommunications firm PLDT and the World Bank’s International Finance Corporation (IFC) filled out the round with IFC Asset Management’s IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, KKR, EDBI and First Pacific Company.
Spun off by PLDT in 2013, Voyager operates end-to-end financial services app PayMaya and neobank MayaBank. It will use the capital to launch services on MayaBank such as credit and savings accounts for consumers and micro, small and medium-sized enterprises (MSMEs), and expand PayMaya’s services to include insurance, cryptocurrency and micro-investment.
Tencent and PLDT joined KKR and IFC Financial Institutions Growth Fund in a $167m round for Voyager in June 2021 comprising $121m of new capital and $46m of previously committed funds. Both corporates had participated in a $120m round in April 2020 alongside KKR Asian Fund III, IFC and IFC’s Emerging Asia Fund.
Tencent and KKR had previously co-led a $175m round for the company in October 2018 that was expanded to $215m the following month when IFC and the IFC Emerging Asia Fund provided a $40m top-up.
Voyager and PayMaya’s president, Shailesh Baidwan, 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 neobanking 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.”
