PayMaya recently announced that its parent company Voyager Innovations is set to receive USD 120 million in additional funding from its major stakeholders: PLDT Inc., KKR, Tencent, IFC, and the IFC Emerging Asia Fund. This capital infusion follows the USD 215 million in investments that Voyager received from the said stakeholders back in 2018.
Regarding the additional capital, the stakeholders said in a joint statement: “This fresh round of investment is a testament to Voyager’s success in providing Filipinos with access to convenient, relevant and inclusive digital financial services through PayMaya. This is also a recognition of the significant role that the Philippine financial technology industry can play in providing meaningful digital solutions to many of the crucial and very-human challenges that the Philippine community faces today.”
So what does this extra capital mean for PayMaya? Firstly, it will strengthen PayMaya’s commitment to making digital financial services more accessible to every Filipino. This is great news especially in today’s climate, considering that more and more Pinoys are relying on digital payments given the ongoing community quarantine in Luzon an in certain Visayas/Mindanao areas.
Speaking of the quarantine, PayMaya recently launched its #OneAgainstCOVID19 drive to enable donations online, via mobile app, and QR. The proceeds of this campaign will be given toorganizations such as the Philippine Red Cross, UNICEF, Oxfam Pilipinas, UP PGH Medical Foundation, and Caritas Manila in relief efforts for Filipinos affected by the COVID-19 pandemic.