Following a recent round of fundraising, Voyager Innovations, the company behind Paymaya, the Philippines’ most popular digital payment app, has announced that it has achieved unicorn status, achieving a $1 billion valuation.
The fresh $210 million funding raised Voyager Innovation’s valuation to $1.4 billion, according to the company. The cash will be used to expand the crypto products that the firm recently added to its main digital payment software PayMaya, according to the company.
The newest funding round was led by SIG Venture Capital, according to the press release. KKR, First Pacific Co., Tencent Holdings Limited, and PLDT Inc., the Philippines’ largest telecommunications provider, were among the companies represented.
PayMaya just added crypto services to the app, allowing users to buy, sell, and earn cryptocurrency using it, as previously reported. The funds will be used to expand the company’s cryptocurrency services. The Philippine Central Bank recently granted PayMaya a licence as a Virtual Asset Services Provider (VASP). The money will also go toward PayMaya-branded digital banking services including savings and credit.
Majority of the Philippines’ population is “underserved”
In terms of internet and digital finance, the majority of the Philippine population, according to Voyager, is “underserved”. It intends to capitalise on this by broadening its market. PayMaya had 47 million users as of March 31st.
The Philippine digital economy has grown in the last two years, thanks in part to Voyager and its competitor Mynt. According to a study conducted by Google, Temasek, and Bain & Company, the Philippines’ digital economy grew by 94% from 2020 to 2021, and is expected to reach $40 billion by 2025.
Cryptocurrency usage will most certainly increase as the country’s internet commerce expands. Currently, there are no restrictions in place in the Philippines that limit the use of digital currencies. The central bank, on the other hand, has repeatedly warned investors about the dangers of the market’s infancy.