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Voyager Innovations Inc., a leading technology startup based in the Philippines, announced on Tuesday, April 12, that it was able to raise $210 million in its most recent funding round. With the new fund, the company reached a valuation of almost $1.4 billion, which made it the country's second unicorn.
As per Reuters, Voyager is currently serving around 47 million customers through its platforms that include an e-wallet and digital payment service - PayMaya and Maya Bank online-based banking.
New investors, SIG Venture Capital, the Asian unit of SIG, EDBI Singapore-based investor, and First Pacific Company Ltd. have led the latest funding round. Other companies that participated in the round are Voyager's existing shareholders, such as Philippine Long Distance Telephone Company (PLDT), KKR & Co. Inc. private equity firm, China's Tencent Holdings Ltd., IFC Emerging Asia Fund, and IFC Financial Institutions Growth Fund.
These firms' support propelled Voyager to become a unicorn as its valuation shot up to more than a billion. In June of last year, the startup company raised $167 million for its expansion project, and it also brought in International Finance Corp. as a new investor at that time.
Voyager Innovation will be using the new funds to introduce more Maya Bank service offerings such as credit and savings lines. It is planning to offer this through integration across all PayMaya's platforms for all levels of businesses, including the MSMEs and the consumers.
The money will also be used in the fresh expansion of PayMaya's services and products that will include insurance, micro-investments, cryptocurrency, and more. The goal is to be the leading all-in-one money app in the Philippines.
"Our strong record of execution and innovation is a testament to our world-class team's hard work and talent," Voyager and PayMaya's chief executive officer and founder, Orlando B. Vea, said in a press release. "With this milestone, we are excited to leap forward and bring the best of PayMaya and Maya Bank to help unlock the digital economy for the underserved and unbanked Filipinos."
Shailesh Baidwan, Voyager and PayMaya's president, further stated that they are excited to develop and introduce more game-changing innovations to both the consumers and MSMEs. She said that they will take in hand the people's demand for financial services and offer the best.
