Voyager Innovations has raised $167mnn for its FinTech unit, PayMaya Philippines.
In Brief:
PayMaya is currently seeking a digital bank licence from the Philippines’ central bank.
It’s received funding from Tencent, US Private Equity firm KKR and Philippines-based telco PLDT.
Once approved, the funding will be used to turn the mobile wallet and remittance business into a full-fledged digital bank.
What does this mean?
PayMaya has experienced significant growth over the past year and enables merchants to accept a wider range of payment options. Now, it will offer customers the chance to use bank-like products including credit and savings.
