Voyager Innovations, the company behind the Philippines’ largest digital payment app Paymaya, announced that it has achieved unicorn status following a recent funding round, surpassing a $1 billion valuation.
Voyager Innovation announced Tuesday that the $210 million of new capital brought its valuation to $1.4 billion. The company highlighted that the new funds will be used to develop the cryptocurrency offerings it has recently added to its flagship digital payments app, PayMaya.
According to the press release, the recent funding round was led by SIG Venture Capital. Renowned companies such as KKR, First Pacific Co, Tencent Holdings Limited and PLDT Inc, the largest telecommunications provider in the Philippines, participated in it.
As we told you before, PayMaya recently introduced cryptocurrency services on the app, allowing consumers to buy, sell, and earn crypto using the app. The capital injection will be used to further develop the application cryptocurrency offerings. PayMaya also recently obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of the Philippines. The company will also invest the money in PayMaya-branded digital banking services, such as savings and loans.
According to Voyager, the majority of the Filipino population is “underserved” in terms of the Internet and digital finance. Their goal is to take advantage of it by expanding their reach in the market. As of March 31, 2022, PayMaya had more than 47 million users.
In the last two years, the Philippine digital economy has grown, largely thanks to Voyager and its rival Mynt. According to a study by Google, Temasek, and Bain & Co., the Philippine digital economy grew 94% from 2020 to 2021 and is projected to reach $40 billion by 2025.
The expansion of internet commerce in the country is likely to increase the adoption of cryptocurrencies. Currently, the Philippines does not have any regulations that restrict the trading of digital currencies. However, the central bank has repeatedly warned investors about the risks of this nascent market.
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