This funding will help Paymaya add more financial services to its offerings, including digital banking. Here are the top-line bullets you need to know.
PayMaya, a Philippines-based payments and financial services platform, has raised $121M with participation from Tencent Holdings, KKR, International Finance Corporation, among others.
HOW’S THE COMPANY PERFORMING?
- Philippines-based PayMaya, which is owned by Voyager Innovations, offers a slew of fintech services, such as a digital wallet, bill payments, and bank transfers. As of June 2021, PayMaya’s mobile wallet and remittance services have doubled to 38M in a period of 18 months. The service now covers more than half of the adult population in the Philippines.
- Its customers can pay, add, cash out, and remit money at any of its 250,000 digital touchpoints across the nation. Its cash remittance service, Smart Padala, also holds a network of 39,000 partner agent touchpoints.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 22.2% from 2020-2025 to reach a value of $305B (by 2025), according to Market Data Forecast.
- The global fintech adoption rate stands at 25% and provides enormous opportunities for growth to providers and first-movers.
- The market has seen a funding boom in recent years. In Q1’21, VCs infused $22.8B into fintech companies.