The company at the back of Paymaya (a prominent digital payments application based in the Philippines), Voyager Innovations, has been declared to have obtained unicorn status following the latest funding round, exceeding a valuation of $1 billion. On Tuesday, it was declared by Voyager that the latest $210M capital enhanced its valuation to more than $1.4B.
The firm pointed out that the focus of the latest funds will be on the development of crypto offerings that have recently been incorporated by it into PayMaya (the application of the platform for digital payments). As per the news release, SIG Venture Capital led the latest financing round. the funding round took into account the famous companies like PLDT Inc. (the biggest telecom provider in the Philippines), Tencent Holdings, First Pacific Co., and KKR.
It was previously reported that PayMaya recently offered crypto facilities through its application, permitting the customers to sell, purchase, and make a profit with crypto usage. The venue will allocate the funds to make further advancements to the crypto offerings. In addition to this, PayMaya has recently been provided with a VASP (Virtual Asset Services Provider) license on the behalf of the Philippine Central Bank. Cash will also be invested by the company in digital bank-related services like credit and savings via PayMaya.
Voyager mentioned that a majority of the population from the Philippines is underserved at present concerning digital and internet finance. it targets to be benefited from this by broadening the market reach thereof. As of 31st March, more than 47M is the number of clients under PayMaya. During a recent couple of years, the digital economy of the Philippines has escalated to a great extent because of Voyager as well as Mynt (the opponent thereof).
A study was conducted on the behalf of Bain & Co., Temasek, and Google in which it was figured out that the elevation in the digital economy of the Philippines between 2020 and 2021 was nearly 94% and it is expected to touch $40B till 2025. The development in internet commerce across the country will potentially enhance the adoption of cryptocurrency.
No adequate regulatory agenda is possessed by the country to restrict digital currencies’ trade at this time. Despite this, a warning has been issued by the country’s central bank for investors regarding the hazards associated with the asset class market which is making tremendous progress nowadays.
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