PayMaya operator is Philippines’ second ‘unicorn’ after $210-M fundraising

304

By: The Philippine Star

Voyager Innovations, the company behind PayMaya, received $210 million in fresh capital from its investors, making it one of the Philippines’ most valuable fintech firms to date.

The fundraising pushed up Voyager’s valuation to nearly $1.4 billion, cementing its status as the Philippines’ second “unicorn” next to “double unicorn” Globe Fintech Innovations Inc. (Mynt), operator of e-wallet GCash, PayMaya’s main rival.

In a disclosure to the stock exchange on Tuesday, telco giant PLDT Inc., Voyager’s parent company, said the new funds will be used to launch the startup’s nascent digital bank named “Maya Bank”. The neobank will offer services such as savings and credit, which will be offered across PayMaya’s platforms for both consumers and business, including micro, small, and medium-sized enterprises.

 

Read FULL story HERE: