Voyager Innovation, the firm behind Philippines’ top digital payments app Paymaya, has announced that it has achieved unicorn status after a round of funding that recently surpassed a $1 billion valuation.
Voyager Innovations announced Tuesday that $210 million in new capital raised its valuation to $1.4 billion. The company highlighted that the new funds will be used to develop the crypto offerings that it recently added to its flagship digital payments app PayMaya.
According to the news release, the recent funding round was led by SIG Venture Capital. This included well-known firms such as KKR, First Pacific Company, Tencent Holdings Limited and PLDT Inc., the largest telecommunications provider in the Philippines.
As reported by Cointelegraph, PayMaya recently introduced crypto services into the app, allowing consumers to buy, sell and earn crypto using it. The funds will be used to further develop the crypto offerings. PayMaya has recently obtained Virtual Asset Services Provider (VASP) license from the Philippine Central Bank. The firm will also invest the cash in PayMaya-branded digital bank services, such as savings and credit.
According to Voyager, the majority of the Philippine population is “underserved” in terms of internet and digital finance. It aims to take advantage of this by increasing its market reach. As of March 31, PayMaya has over 47 million users.
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Over the past two years, the Philippine digital economy has grown, largely thanks to Voyager and its rival Mint. According to a study by Google, Temasek and Bain & Company, the digital economy of the Philippines grew by 94% from 2020 to 2021 and is projected to reach $40 billion by 2025.
The expansion of internet commerce in the country will likely increase the adoption of cryptocurrency. There are currently no regulations in the Philippines prohibiting the trading of digital currencies. However, the central bank has repeatedly warned investors about the risks in the emerging market.
