Voyager fintech startup raises $210M, becomes the second unicorn in the Philippines

Voyager Improvements Inc., a primary technologies startup dependent in the Philippines, introduced on Tuesday, April 12, that it was in a position to increase $210 million in its most the latest funding round. With the new fund, the enterprise arrived at a valuation of pretty much $1.4 billion, which built it the country’s next unicorn.

As per Reuters, Voyager is now serving all around 47 million shoppers as a result of its platforms that involve an e-wallet and electronic payment services – PayMaya and Maya Bank on the net-primarily based banking.

New traders, SIG Venture Money, the Asian unit of SIG, EDBI Singapore-dependent trader, and Initially Pacific Enterprise Ltd. have led the newest funding spherical. Other providers that participated in the round are Voyager’s current shareholders, these as Philippine Long Distance Telephone Company (PLDT), KKR & Co. Inc. private equity firm, China’s Tencent Holdings Ltd., IFC Rising Asia Fund, and IFC Economic Institutions Expansion Fund.

These firms’ assistance propelled Voyager to turn into a unicorn as its valuation shot up to extra than a billion. In June of past calendar year, the startup enterprise raised $167 million for its enlargement job, and it also introduced in Global Finance Corp. as a new trader at that time.

Voyager Innovation will be working with the new resources to introduce more Maya Bank provider choices these as credit and cost savings lines. It is setting up to supply this by way of integration throughout all PayMaya’s platforms for all ranges of corporations, like the MSMEs and the consumers.

The revenue will also be made use of in the clean growth of PayMaya’s expert services and goods that will consist of insurance, micro-investments, cryptocurrency, and more. The objective is to be the major all-in-a person funds app in the Philippines.

“Our sturdy document of execution and innovation is a testament to our environment-course team’s difficult operate and expertise,” Voyager and PayMaya’s main govt officer and founder, Orlando B. Vea, mentioned in a press release. “With this milestone, we are enthusiastic to leap forward and carry the most effective of PayMaya and Maya Lender to support unlock the digital financial state for the underserved and unbanked Filipinos.”

Shailesh Baidwan, Voyager and PayMaya’s president, further more mentioned that they are psyched to create and introduce extra sport-switching innovations to the two the people and MSMEs. She mentioned that they will acquire in hand the people’s demand for monetary companies and provide the most effective.