PH fintech firm Maya said to plan up to $1b US IPO

Philippine digital payments firm Maya is considering a US$500 million to US$1 billion IPO, according to sources familiar with the matter.

The company, which offers digital banking and payment services, is working with advisers on a potential listing that could occur as early as this year, though details remain uncertain.

Maya’s digital bank had 5.4 million customers and disbursed 68 billion pesos (US$1.2 billion) in loans in 2024, with backing from investors including PLDT, KKR, Tencent, and the World Bank’s IFC.

The company has not confirmed any plans and said it is focused on expanding its services in the Philippines.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

An IPO could offer one path for a major shareholder’s exit strategy

An IPO would come as KKR seeks to sell more than 20% of Maya, according to reports 1.
PLDT also holds a large stake. Its chairman and CEO Manuel Pangilinan has said he would like to buy KKR’s shares if they go up for sale 2.
A listing could give KKR a clean exit. It could also lift the price for owners such as First Pacific, PLDT’s largest shareholder. First Pacific has called Maya an exception to its usual sector focus, plus a potential value play in a later exit such as an IPO or trade sale 3.

The IPO timing could be influenced by looming regulatory changes

The plan comes before the Philippine central bank ends its pause on new digital banking licenses on Jan. 1, 2025. The change could add up to four banks and push the cap to 10. Regulators may grant fewer licenses if applicants fail tougher tests 4.
Going public could bring more funding as rivals multiply in the Philippines’ digital banking market. Bangko Sentral ng Pilipinas (the country’s central bank) has said new entrants should bring something new or a unique value proposition beyond what the six licensed digital banks offer, including Maya Bank 4, 5.
Across regulated tech sectors, digital banks plus payments firms often raise money in public markets shortly before the market gets more crowded. The extra cash can help protect their position.