Voyager Innovations Secures USD120M Additional Funding - TeknoGadyet

Tuesday, April 7, 2020

Voyager Innovations Secures USD120M Additional Funding


KKR, a global investment firm, Tencent Holdings Ltd., China's leading internet service provider, IFC, a member of the World Bank Group, and the IFC Emerging Asia Fund, a fund managed by IFC Asset Management Company, signed a new commitment to invest up to USD120M to PLDT's Voyager Innovations Inc., a leading technology company in the Philippines.

Voyager Innovations Secures USD120M Additional Funding
Voyager Innovations Secures USD120M Additional Funding

Voyager Innovations aims to be the bridge of the Filipino people and digital economy, enabling more people to access to digital financial services. The company's top-notch digital technology became the backbone of three of the most used digital services of Filipinos namely PayMaya, PayMaya Business, and Smart Padala.

  • PayMaya- lets Filipinos shop online, pay bills, buy e-loads and send money to family and friends with its prepaid wallet services;
  • PayMaya Business - enterprises of all sizes acquire digital payments through this mobile acquiring service;
  • Smart Padala - recognized as the largest mobile-based remittance network in the Philippines which can be found in the nearest sari-sari store in customer's barangay;

See Also: How to Pay Your BIR Taxes via PayMaya

The additional USD120 million fresh funding secured by Voyager is intended to support the rapid growth of PayMaya as it continues its mission to accelerate the digital and financial inclusion of Filipinos across the country.

“This fresh round of investment is a testament to Voyager’s success in providing Filipinos with access to convenient, relevant and inclusive digital financial services through PayMaya. This is also a recognition of the significant role that the Philippine financial technology industry can play in providing meaningful digital solutions to many of the crucial and very-human challenges that the Philippine community faces today.” the stakeholders said in a joint statement.
“In line with the country’s goals, we have made significant strides in spurring cashless adoption in a largely unbanked population. This funding boosts PayMaya’s ability to reach more Filipinos, especially as access to digital financial services becomes even more important,” said Orlando B. Vea, CEO, and Founder of Voyager Innovations.
“Today, more than ever, our end-to-end digital financial services are becoming more relevant and embedded in the daily lives of Filipinos - from sending money, buying airtime load, or paying for purchases through our PayMaya wallet, bridging the unbanked and underserved via mobile remittance through our over 27,000 Smart Padala partner touchpoints in communities, to enabling payment acceptance for all kinds of merchants. This investment will enable us to better support our financial inclusion thrust while allowing us to expand to adjacent services,” said Shailesh Baidwan, President of Voyager Innovations and PayMaya Philippines.

The foregoing investment in Voyager Innovations is not subject to the compulsory merger notification regime under the Philippine Competition Act and its Implementing Rules and Regulations. In addition, the Bangko Sentral ng Pilipinas, the Philippines’ central bank, confirmed that it interposes no objection to the investment.

These investments will certainly accelerate the digital finance services of Voyager Innovations. This may lead Filipinos into making digital payments their first choice in paying their everyday transactions.

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