About Maya
Maya is a Philippines-based digital services company and wholly-owned subsidiary of Smart Communications under First Pacific. It develops payment wallets, banking apps, and fintech solutions serving millions of users across the archipelago with remittances, bill payments, and e-commerce integrations.
Founded
2013
HQ
ManilaWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription, Usage-based
Valuation
$1.4B (Apr 2022)
Maya Valuation
Maya is currently valued at $1.4B, based on its undisclosed-stage round in April 2022.
The $210M round was led by Susquehanna International Group, with participation from KKR, IFC Financial Institutions Growth Fund, PLDT, Tencent, IFC Emerging Asia Fund and 3 other investors.
Maya valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2022 | Undisclosed stage | $1.4B |
Maya Funding History
Maya has raised a total of $712M across 5 funding rounds.
Maya's first fundraising round was a $175M undisclosed-stage round in October 2018. The most recent completed round was a $210M undisclosed-stage round in April 2022.
Maya funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Undisclosed stage | Susquehanna International Group (lead); KKR; IFC Financial Institutions Growth Fund; PLDT; Tencent; IFC Emerging Asia Fund; First Pacific Co; International Finance Corporation; EDBI | $210M | $1.4B | Maya (formerly known as Voyager Innovations) is a Philippine fintech company providing comprehensive digital financial services to consumers and businesses. The company operates through its two main platforms: PayMaya Philippines, an all-in-one currency application offering e-wallets, savings, credit, and cryptocurrency services, and Maya Bank, a neobank that secured its banking license in September 2021 and commenced operations in 2022. As of the funding round in April 2022, Maya had over 47 million registered users, representing more than two-thirds of the adult population of the Philippines. In April 2022, Maya completed a Series D funding round of $210 million led by new investor SIG Venture Capital (the Asian VC arm of Susquehanna International Group). The round valued the company at $1.4 billion, achieving unicorn status and making it only the second unicorn in the Philippines. Other participants included Singapore-based EDBI, investment holding company First Pacific, along with existing shareholders PLDT, KKR, Tencent, and International Finance Corporation (IFC). The company planned to use proceeds to launch Maya Bank services including savings and credit products, offer cryptocurrency services through PayMaya, and expand into micro-investments and insurance offerings. |
| Jun 2021 | Undisclosed stage | KKR; Tencent; PLDT capital; International Finance Corporation | $167M | - | Voyager Innovations, the Philippines-based technology company behind PayMaya (now known as Maya), a leading digital wallet and financial services app, raised $167 million in June 2021 from existing investors PLDT, KKR, Tencent, and new investor IFC Financial Institutions Growth Fund. The funding comprised $121 million in fresh capital and $46 million from previously committed funds, bringing total capital raised since 2018 to $452 million. PayMaya provides mobile payments, remittances via Smart Padala, bill payments, bank transfers, prepaid cards, e-commerce through PayMaya Mall, working capital loans, and insurance products. The capital aims to accelerate expansion into digital financial services and secure a digital banking license from the Philippines Central Bank, enabling full digital banking capabilities to serve unbanked and underserved populations. PayMaya reported 38 million registered users for its mobile wallet and remittance services as of June 2021, doubling from 18 months prior and reaching over half of the adult population. It operates over 250,000 digital-finance access touchpoints like convenience stores—seven times more than ATMs and bank branches—and over 40,000 agent touchpoints nationwide. Enterprise-side growth included a four-fold increase in merchant acceptance points for credit, debit, prepaid cards, and e-wallets. PayMaya positioned itself against competitors like GCash and Coins as a financial super app, emphasizing accessibility in rural areas and contactless payments like QR codes, even among street vendors. The investment supports leapfrogging financial inclusion with affordable, relevant digital solutions for consumers, small businesses, and enterprises amid rising digital payments adoption post-COVID. |
| Apr 2020 | Undisclosed stage | KKR; Tencent; PLDT capital; International Finance Corporation | $120M | - | Maya, operating as PayMaya at the time through its parent Voyager Innovations, is a Philippines-based fintech providing digital payments, mobile wallets, remittances, bill payments, and e-commerce services via its app and extensive agent network. The company targets both consumers and merchants, with over 40,000 add-money touchpoints surpassing traditional bank branches, and supports financial inclusion in unbanked areas. In April 2020, Voyager secured $120 million in funding from PLDT, Tencent, KKR, and IFC to fuel PayMaya's expansion amid rising digital payment demand during COVID-19 lockdowns. This included commitments later drawn down as part of a $167 million raise announced in June 2021, with $121 million new and $46 million from prior pledges, bringing total funding since 2018 to $452 million. Funds supported growth in services like working capital loans and insurance. PayMaya competed with GCash and Coins as a leading 'super app' in the Philippines, boasting 38 million registered users by June 2021 (doubled in 18 months) and over 250,000 digital-finance access points like convenience stores. It enabled payments for major e-commerce, retail, and government clients, with ambitions for P1 trillion in transaction volume by 2023. The agent network Smart Padala served as last-mile hubs for remittances and services. By 2024, rebranded Maya had 5.4 million customers and issued 68 billion pesos ($1.2 billion) in loans via its digital bank, supervised by Bangko Sentral ng Pilipinas. Investors included telecom giant PLDT, global PE firm KKR, Chinese tech Tencent, and World Bank-affiliated IFC, reflecting confidence in Southeast Asia's digital finance boom. Later developments saw Maya exploring a US IPO targeting $500 million to $1 billion in 2024 or 2025, amid regional trends of overseas listings due to lagging local markets. |
| Nov 2018 | Undisclosed stage | International Finance Corporation (lead); PLDT (lead) | $40M | - | Maya, operating through Voyager Innovations, is a Philippines-based fintech providing digital payments, wallet services via PayMaya, and later a digital bank called Maya Bank, targeting financial inclusion for the unbanked population. The company, majority-owned by PLDT via Voyager Innovations, launched its first institutional funding in November 2018 with a Series A round led by Tencent, though other sources mention a $40 million Series B involving International Finance Corporation (IFC) and PLDT around that period, bringing early cumulative funding activity. Subsequent rounds built on this foundation: in June/July 2021, Voyager raised $167 million from KKR, Tencent, and IFC (including $121 million new and $46 million from prior commitments), totaling $452 million raised since 2018 across multiple early rounds including the 2018 investments. This funded neobank preparations, with Maya securing a digital banking license in September 2021. By April 2022, a $210 million growth round led by SIG Venture Capital valued the company at $1.4 billion post-money, with participation from PLDT, KKR, Tencent, IFC, and others; cumulative funding reached about $662 million by then. Maya/PayMaya grew to over 47 million registered users by 2022, with strong merchant adoption and services like remittances, bill payments, and e-commerce. Maya Bank, launching in 2022, reached 1.8 million monthly active users by mid-2023, with PHP 21 billion in deposits and PHP 10.8 billion in loans disbursed, achieving positive net interest margin and first profitable quarter in Q1 2025. Later growth included MSME lending expansions and potential US IPO plans valuing it over $2 billion in stake sales. |
| Oct 2018 | Undisclosed stage | KKR (lead); Tencent (lead) | $175M | - | Maya, originally operating as Voyager Innovations, is a Philippines-based fintech company providing digital payments, mobile money under the PayMaya brand, remittances, B2B card payments, and later digital banking via Maya Bank. It competes with GCash and serves millions of users in the Philippines' growing digital finance market. KKR and Tencent led a major funding round in October 2018, investing up to USD 175 million in new shares, marking KKR's first private equity investment in the Philippines. Sources also reference a USD 215 million investment in 2018 involving PLDT, KKR, Tencent, and IFC, noted as the largest private fundraise for a Philippines-based tech company at the time. Subsequent rounds built on this investment, including a USD 40 million raise in November 2018 from IFC and PLDT, USD 120 million in April 2020 from PLDT, KKR, Tencent, and IFC, USD 167 million in June 2021 from the same investors plus others to launch a digital bank, and a USD 210 million convertible note in April 2022 led by Susquehanna International Group, achieving unicorn status at nearly USD 1.4 billion valuation. By 2022, Maya had over 47 million registered users, more than two-thirds of the adult population, and expanded into cryptocurrency, micro-investments, insurance, savings, and credit. In 2024, Maya Bank reported 39 billion Philippine pesos in deposits and 68 billion pesos in loan disbursements for the year, with cumulative loans of 92 billion pesos since 2022 and 5.4 million customers. KKR holds around 30% stake as of recent reports and initiated a sale process in 2025 via Goldman Sachs, potentially valuing Maya over USD 2 billion amid PLDT's interest in acquiring it to bolster its position against Globe's GCash. Total funding across rounds reached USD 712 million by 2022. |
Who has invested in Maya?
10 investors have backed Maya across its funding rounds, including Tencent, KKR, International Finance Corporation, PLDT, PLDT capital and EDBI.
Lead investors include Susquehanna International Group, International Finance Corporation, PLDT, KKR and Tencent.
Maya Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 New York City, NY | 4 | Lead | Oct 2018 | |
 Shenzhen | 4 | Lead | Oct 2018 | |
| Washington, DC | 4 | Lead | Nov 2018 | |
| Manila | 2 | Lead | Nov 2018 | |
| Manila | 2 | Participant | Apr 2020 | |
| Washington, DC | 1 | Participant | Apr 2022 | |
| Washington, DC | 1 | Participant | Apr 2022 | |
 Hong Kong | 1 | Participant | Apr 2022 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialMaya Competitors
Maya competitors include listed companies like Amagi Media Labs and Vista Group, and private ones like ONE Championship, Iyuno-SDI, AGBO and APX Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Singapore | Private | $128M | - | $1.4B | 10.5x | |
 India | Publicly listed | $157M | $8M | $1.3B | 6.3x | |
| Los Angeles, CA | Private | - | - | $1.2B | - | |
| Los Angeles, CA | Private | - | - | $1.1B | - | |
| New York City, NY | Private | - | - | $1B | - | |
 New Zealand | Publicly listed | $94M | $5M | $381M | 3.8x |
Maya Public Comps
Maya is still privately-owned, but its public comps include Amagi Media Labs, Harmonic, RWS Holdings, EVS Broadcast Equipment, Vista Group, Hengxin Shambala Culture, CS Disco, Kaltura, Intapp and Topicus.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $157M | $8M | 7.2x | 6.3x | 145.2x | 75.9x | |||
| $361M | $24M | 3.0x | 2.3x | 46.2x | 11.9x | |||
| $927M | ($26M) | 0.7x | 0.7x | (27.2x) | 4.8x | |||
| $240M | $66M | 1.6x | 1.4x | 5.7x | 5.6x | |||
| $94M | $5M | 4.2x | 3.8x | 85.8x | 20.8x | |||
| $58M | ($44M) | 5.0x | - | (6.8x) | - | |||
| $157M | ($44M) | 1.1x | 1.0x | (4.0x) | (22.1x) | |||
| $181M | ($5M) | 1.3x | 1.2x | (43.5x) | 13.4x | |||
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Common questions about Maya
| When was Maya founded? | Maya was founded in 2013. |
| Where is Maya headquartered? | Maya is headquartered in Manila, Philippines. |
| Is Maya publicly listed? | No, Maya is a private, VC-backed company. |
| What is Maya's valuation? | Maya was last valued at $1.4B in its undisclosed-stage round in April 2022. |
| How much funding has Maya raised? | Maya has raised $712M across 5 funding rounds. |
| What was Maya's last funding round? | Maya's last funding round was a $210M undisclosed-stage round in April 2022, led by Susquehanna International Group. |
| Who are Maya's investors? | Maya's investors include KKR, Tencent, International Finance Corporation, PLDT, PLDT capital, IFC Financial Institutions Growth Fund, IFC Emerging Asia Fund, First Pacific Co, Susquehanna International Group and EDBI. |
| Which companies are comparable to Maya? | Companies comparable to Maya include ONE Championship, Amagi Media Labs, Iyuno-SDI, AGBO, APX Group and Vista Group. |
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