Voyager Improvements, the father or mother firm of PayMaya secured $167 million funding which can be used to broaden to digital banking & different monetary providers.

28 p.c of the capital (round $46 million) got here from earlier pledge funds and the remaining (round $121 million) got here from current PLDT shareholders; KKR, a worldwide funding agency; Tencent, a Chinese language multinational know-how conglomerate holding firm; Worldwide Finance Company (IFC), a member of the World Financial institution Group; and IFC Monetary Establishments Progress Fund, a fund managed by IFC Asset Administration Firm (IFC-AMC) which is working below IFC & a brand new investor.

The capital elevate can be used to speed up their growth & receive a digital banking license from the Bangko Sentral ng Pilipinas (BSP). As soon as granted, PayMaya may present a extra low-cost, cell first, neo-banking service on the again of its tech stack. (Learn extra: BSP Approves ‘Digital Bank’ as New Category of Bank)

PayMaya recorded triple-digit progress charges all through 2020. Inside the final 18 months, it has reached 38 million complete registered customers.

PayMaya can also be a part of the Nationwide Retail Fee System (NRPS), often known as the “InstaPay/PESONet Network”, which promotes interoperability of monetary services. It is usually the primary fintech app to undertake QR PH, the nationwide customary for service provider funds.

This text is printed on BitPinas: PayMaya Eyes Digital Banking License After Securing $167M from Tencent, PLDT, IFC