MANILA, Philippines — Voyager Innovations Inc., the fintech arm of PLDT Inc., is looking to raise up to $150 million this year to support the growth of digital bank Maya.
PLDT chairman Manuel V. Pangilinan told reporters on the sidelines of the company’s annual stockholders meeting yesterday, Voyager plans to raise between $100 million and $150 million this year.
He said Voyager is now talking to foreign investors for the fundraising.
“I think the focus of attention is new stockholders, but I think given market conditions, the existing shareholders may have to participate,” he said.
He said he is hopeful Maya would have a positive contribution to the PLDT group’s earnings in the next two to three years.
“I think recovery will be led by the enterprise part of the business, merchant acquiring and by the bank,” he said.
PLDT president and CEO Al Panlilio said the plan is to eventually consider an initial public offering for Maya, but noted there is a need to work on improving the bank’s fundamentals first.
In April last year, Voyager raised $210 million in new funds, bringing the company’s valuation to unicorn status at $1.4 billion.
The funding round was led by new investor SIG Venture Capital, the Asian venture capital arm of SIG.
Other new investors include Singapore-based global investor EDBI and investment holding company First Pacific Co. Ltd.
Also participating in the funding round are Voyager’s shareholders PLDT Inc., KKR, a global investment firm; Tencent, a leading technology company; International Finance Corp.; and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company, a division of IFC.