Filipino tech firm Voyager Innovations has raised a new capitalization of $210 million, propelling its valuation to unicorn-plus status at nearly $1.4 billion.
FILIPINO tech firm Voyager Innovations has raised a new capitalization of $210 million, propelling its valuation to unicorn-plus status at nearly $1.4 billion.
The company will use the fresh investment to launch Maya Bank services, such as savings and credit, which will be integrated and offered seamlessly across PayMaya’s platforms for consumers and businesses, including micro, small and medium enterprises . It will also continue to expand PayMaya’s offerings with new products like cryptocurrency, micro-investments, insurance and more as the all-in-one money app in the country.
The Philippines is the fastest-growing market in Southeast Asia, with digital adoption of services reaching tipping points during the pandemic due to the demands of a young, digital-savvy population. In fact, the 2021 e-Conomy Southeast Asia Report by Google, Temasek, and Bain & Company showed that the country’s internet economy grew 94 percent from 2020 to 2021 and is expected to reach $40 billion by 2025, powered by flourishing e-commerce and strong adoption of e-wallet payments.
The huge digital financial services opportunity extends to MSMEs, which account for 99.5 percent of the total establishments and employ 62.8 percent of the whole labor force in the country. Access to credit and financial services remains a problem for them, with only 24 percent availing loans or having lines of credit from formal financial institutions.
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