Tencent-backed Voyager goes unicorn with $210m raise

Philippines-based Voyager, which runs local e-wallet PayMaya, has raised US$210 million in a round led by SIG Venture Capital, with Tencent and International Finance Corporation (IFC) participating.

This brings the firm’s valuation to almost US$1.4 billion. The new round follows the company raising US$167 million last year from global investment firm KKR and Philippine telecom giant PLDT, among others.

Photo credit: Voyager

Voyager’s latest raise will go to launching Maya Bank, one of six digital banks licensed by the Philippines’ central bank. It started pilot tests this March after securing the license late last year.

Other companies with the same license are UNObank, UnionDigital Bank, GOtyme, Overseas Filipino Bank, and Tonik Bank.

PayMaya currently has over 47 million registered users, and it competes with Ant-backed Mynt’s e-wallet GCash. The e-wallet recently launched a new crypto feature, and its services will be expanded to cover microinvestments and insurance.

Last year, the Philippines’ internet economy hit US$17 billion in gross merchandise value, with 97% of digital merchants adopting electronic payment methods.

See also: Banking on a digital remedy in the Philippines

Other investors in the round include:

• PLDT
• KKR
• IFC Emerging Asia Fund
• IFC Financial Institutions Growth Fund
• EDBI
• First Pacific Company