Voyager Innovations, based in the Philippines, has become the latest company to achieve unicorn status after a major funding round. The company behind end-to-end money platform PayMaya has secured $210 million in new funding.
With a valuation of $1.4 billion, Voyager is one of the most valuable technology companies in the Philippines. SIG Venture Capital, the Asian venture capital arm of SIG, led the recent investment round. The funding also saw participation from Singapore-based global investor EDBI and investment holding company First Pacific.
With this funding, the company plans to significantly expand its services. According to Voyager, the $210 million seed round will enhance offerings from PayMaya and Maya Bank.
Shailesh Baidwan, President of Voyager and PayMaya, said, “The strong approval of our new shareholders and the participation of our existing investors in this fundraising validates the company’s ability to grow in neo-banking 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 respond to pent-up demand for financial services.
Regional Growth Opportunities
The Philippines is one of the fastest growing economies in the Southeast Asian region. According to Voyager, PayMaya has been widely adopted in the country over the past few years. With over 47 million registered users, PayMaya has significantly improved its offerings recently to meet growing consumer demand.
“The PayMaya team is a collection of world-class professionals who have built the most comprehensive and unified fintech ecosystem in the market. Leveraging PayMaya’s distribution strength to businesses and consumers, Maya Bank has the potential to be one of the most successful digital banks, not just in the Philippines, but globally. We are thrilled to partner with Voyager and existing shareholders to propel the digital ecosystem to new heights,” said commented Akshay Bajaj, who led the investment for SIG.
Voyager Innovations, based in the Philippines, has become the latest company to achieve unicorn status after a major funding round. The company behind end-to-end money platform PayMaya has secured $210 million in new funding.
With a valuation of $1.4 billion, Voyager is one of the most valuable technology companies in the Philippines. SIG Venture Capital, the Asian venture capital arm of SIG, led the recent investment round. The funding also saw participation from Singapore-based global investor EDBI and investment holding company First Pacific.
With this funding, the company plans to significantly expand its services. According to Voyager, the $210 million seed round will enhance offerings from PayMaya and Maya Bank.
Shailesh Baidwan, President of Voyager and PayMaya, said, “The strong approval of our new shareholders and the participation of our existing investors in this fundraising validates the company’s ability to grow in neo-banking 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 respond to pent-up demand for financial services.
Regional Growth Opportunities
The Philippines is one of the fastest growing economies in the Southeast Asian region. According to Voyager, PayMaya has been widely adopted in the country over the past few years. With over 47 million registered users, PayMaya has significantly improved its offerings recently to meet growing consumer demand.
“The PayMaya team is a collection of world-class professionals who have built the most comprehensive and unified fintech ecosystem in the market. Leveraging PayMaya’s distribution strength to businesses and consumers, Maya Bank has the potential to be one of the most successful digital banks, not just in the Philippines, but globally. We are thrilled to partner with Voyager and existing shareholders to propel the digital ecosystem to new heights,” said commented Akshay Bajaj, who led the investment for SIG.