Philippine digital and financial services firm Voyager Innovations has raised $167 million for its expansion program, including a venture into digital banking, its listed and largest shareholder said on Monday, June 28.
Voyager secured new investment from IFC Financial Institutions Growth Fund, which is part of the World Bank Group, PLDT said. Current shareholders PLDT, global investment firm KKR and Chinese tech giant Tencent, took part in the funding and welcomed the new investor, the company added.
Voyager, which serves 38 million Filipinos through its consumer platforms that include e-wallet and digital payments, welcomed a unit of the World Bank’s International Finance Corp as a new investor.
“Voyager is now leveraging this unique ecosystem to expand into digital banking for the next phase of its mission to improve financial inclusion in the Philippines,” PLDT disclosed to the stock market.
The fintech firm said it applied for a digital banking license with the Philippine central bank, which has so far granted three firms an approval to operate.
Voyager will use the new funds to expand its PayMaya services and to continue enabling more unbanked and underserved individuals and MSMEs with new and inclusive products, such as credit, insurance, savings, and investments, through a soon-to-be-established digital bank.
PLDT said the planned digital bank “will provide mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services on the back of PayMaya’s proven technology platforms.”