(Bloomberg) — Voyager Innovations Inc. raised $210 million from investors in a funding round that values the Philippine fintech firm at nearly $1.4 billion.
The fundraising for the digital arm of PLDT Inc., the Southeast Asian nation’s biggest telecommunications company by market value, was led by the Asian venture capital unit of Susquehanna International Group, according to a statement confirming an earlier Bloomberg News report.
Susquehanna, the U.S. investment firm also known as SIG and which was one of the earliest and largest backers in TikTok-owner ByteDance Ltd., was joined in the round by new investors EDBI and First Pacific Company Ltd.
Some of Voyager’s existing investors including PLDT, private equity firm KKR & Co. Chinese technology giant Tencent Holdings Ltd., International Finance Corporation and two vehicles under IFC Asset Management also participated in the fundraising.
Voyager will use the proceeds to launch savings and credit services for Maya Bank, the digital bank it began pilot testing in March, the statement showed. It will also continue to expand its digital payments platform PayMaya’s offerings including cryptocurrency, micro-investments and insurance.
The company has been considering raising funds to help finance its expansion, Bloomberg News reported in February. Voyager raised $167 million in June to fund the expansion of PayMaya. The company won its digital bank permit in September.
PayMaya has more than 47 million registered users across its consumer platforms as of the end of March, the statement showed.
(Updates with confirmation and details of round throughout.)
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