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As the country’s central bank begins to grant essential licenses, fintech companies in the Philippines are looking to extend their digital banking services.
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Voyager Innovations announced that it has raised $167 million to help expand its fintech unit PayMaya Philippines, which is pursuing a digital banking license from the Philippines’ central bank.
Existing owners, including US private equity firm KKR, Chinese internet behemoth Tencent, and the Philippines’ largest telecom PLDT, participated in the current investment round, according to the fintech startup. A fund managed by the International Finance Corporation of the World Bank was also involved.
In a statement, Voyager and PayMaya founder and CEO Orlando Bea said, “This investment supports the unique value we deliver and gives us a natural head start with the target market for the digital banking service.”
The Philippines’ central bank has approved Voyager’s application for a digital banking license. The company will be able to provide smart neo-banking services using PayMaya’s technological platforms if it receives the license.

The Philippines’ central bank is housed in a facility in Manila.
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“Through integrated digital financial services, we will enable significant groups of Filipinos to leapfrog into a new stage of financial inclusion. Our goal is to continue to improve the lives of millions of people and small companies who are underserved “Shailesh Baidwan, president of Voyager and PayMaya, expressed this.
With only about a third of Filipinos having official bank accounts, the country’s use of digital payments has accelerated in recent years.
In the 18 months leading up to June 2021, the total number of registered users of Voyager’s PayMaya mobile wallet and remittance services increased to 38 million, accounting for more than half of the adult population in the Philippines.
Voyager, which was founded in 2013, allows customers to make mobile payments and remittances, as well as businesses to accept digital and credit card payments.
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