PayMaya PH Prepares Transition to Digital Banking After Securing ₱8.1 Billion

Voyager Innovations, the company behind the prominent mobile wallet in the country PayMaya, recently secured ₱8.1 billion to assist its financial technology projects.

Among the participants that joined the latest round of funding were PLDT shareholders, global investment company KKR, and Chinese technology conglomerate Tencent.

IFC Financial Institutions Growth Fund also became Voyager’s newest investor, which includes ₱5.8 billion in fresh funding along with its previous commitment of ₱2.2 billion.

Voyager’s move to apply for a digital banking license with the Bangko Sentral ng Pilipinas (BSP) serves as the primary driver for the firm to raise multibillion-peso funding.

After acquiring the digital banking license, the company will gear up to provide “mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services on the back of PayMaya’s proven technology platforms.”

“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,” explained Voyager and PayMaya CEO Orlando Vea.

“This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service,” he added.

The registered users of PayMaya’s Smart Padala remittance service doubled in just 18 months rising up to 38 million, which is approximately half of the country’s adult population.

Users can also cash out in more than 250,000 digital-finance access “touchpoints” scattered around the country, seven times the number of automated teller machines and bank branches, PayMaya noted.

In January, PayMaya extended its financial services through its lending arm, PayMaya Lending Corporation, to include “sachet” loans for micro, small, and medium enterprises.

Demand for PayMaya services continues to increase amidst the pandemic as many Filipinos remain unbanked. Only one in three Filipino adults has a formal bank account and has loans, according to data presented by the BSP.

Source: Rappler