Voyager Innovations, the company behind the Philippines’ most popular digital payments programme, Paymaya, has announced that it has achieved unicorn status, with a $1 billion valuation, following a recent round of funding.
On Tuesday, the new $210 million fundraising boosted Voyager Innovation’s worth to $1.4 billion. The fresh funds will be used to expand the crypto products that the firm recently integrated into its main digital payments software, PayMaya, according to the company.
According to the press announcement, SIG Venture Capital led the newest investment round. KKR, First Pacific Co., Tencent Holdings Limited, and PLDT Inc., the Philippines’ largest telecom provider, were among the companies represented.
PayMaya just added cryptocurrency services to its app, allowing users to buy, sell, and earn cryptocurrency. The funds will be used to expand the cryptocurrency offerings. The Philippine Central Bank recently granted PayMaya a Virtual Asset Services Provider (VASP) licence. The funds will also be used to fund PayMaya’s digital banking services, such as savings and credit.
The majority of the Philippine population, according to Voyager, is “underserved” in terms of the internet and digital money. It plans to take advantage of this by expanding its market reach. As of March 31, PayMaya had over 47 million users.
Read more: Voyager Digital announces an expected revenue of USD 100-105 million
