Maya is an all-in-one money app that offers banking and payment services such as e-wallet, savings, credit, and cryptocurrency. PayMaya enables its users with a wide range of services: sending money to other local banks, paying recurring bills, purchasing mobile and gaming prepaid credits, paying offline merchants by scanning unique QR codes, getting insurance coverage for e-commerce purchases, personal health, and mobile devices.
The company is now seeking to raise a fresh round of capital to grow its market share. A round could help pave the way toward a potential initial public offering for the PLDT Inc.-backed company. The fresh funding will bring the company’s valuation to $2 billion.
Maya, Manila, Philippines, was founded in 2000 by Orlando B. Vea and Shailesh Baidwan. PayMaya has about 47 million registered users as of the end of March this year, more than two-thirds of the adult population in the Philippines. It’s the leading non-bank payments processor in the country, facilitating 630,000 online and face-to-face payments from e-wallets to debit and credit cards. In April 2022, Maya became a tech unicorn through its mother company Voyager Innovations, contributing to the increase in venture capital investment flow to the Philippines.