Philippines’ fintech achieves unicorn standing after embracing crypto funds

Voyager Innovations, the agency behind the Philippines’ high digital funds app Paymaya, has introduced it has achieved unicorn standing after a latest spherical of funding, surpassing a $1 billion valuation. 

Voyager Innovation announced Tuesday that the brand new $210 million capital boosted its valuation to $1.4 billion. The firm highlighted that the brand new funds will likely be used to develop crypto choices that it just lately added to its flagship digital funds app PayMaya.

According to the information launch, the latest financing spherical was led by SIG Venture Capital. It included well-known corporations akin to KKR, First Pacific Co., Tencent Holdings Limited and PLDT Inc., the Philippines’ largest telecom supplier.

As reported by Cointelegraph, PayMaya just lately launched crypto providers into the app, permitting shoppers to purchase, promote, and earn crypto utilizing it. The cash will likely be used to develop the crypto choices additional. PayMaya additionally just lately obtained a Virtual Asset Services Provider (VASP) license from the Philippine Central Bank. The agency may also make investments the money in PayMaya-branded digital financial institution providers, akin to financial savings and credit score.

According to Voyager, many of the Philippine inhabitants is “underserved” when it comes to web and digital finance. It goals to make the most of this by extending its market attain. As of March 31, PayMaya has over 47 million customers.

Related: Singaporean fintech provides Bitcoin funds for retailers with BitPay partnership

Over the previous two years, Philippine’s digital financial system has elevated, thanks largely to Voyager and its rival Mynt. According to a study by Google, Temasek, and Bain & Co., the Philippines ‘ digital financial system elevated 94% from 2020 to 2021 and it’s projected to achieve $40 billion by 2025.

The enlargement of web commerce within the nation will possible improve cryptocurrency adoption. The Philippines doesn’t have any laws limiting the commerce of digital currencies presently. However, the central financial institution has repeatedly warned buyers concerning the dangers within the nascent market.