Maya, recognized as one of Southeast Asia’s most successful startups, is set to raise $150 million to boost its growth, a new report reveals.
Serving the Philippine market, Maya is among the largest fintech startups in the country, mainly focused on digital payments. Recently, it has diversified into neobanking and digital asset services after receiving a banking license in 2021 and a Virtual Asset Service Provider (VASP) license in 2022, respectively.
The company is now targeting a new round of funding to increase its market share, reports Bloomberg. Citing sources with knowledge of the company’s plans, the outlet claims Maya is working with financial advisors on the fundraising deal.
The outlet says the company, which has 47 million users — more than two-thirds of the adult population in the Philippines — is already attracting interest from potential investors. These include existing supporters such as New York-based buyout firm KKR, Susquehana’s Asian VC unit SIG and EDBI, the investment arm of Singapore’s Economic Development Board. Some new investors have also expressed interest.
The new fundraising round is expected to take Maya’s valuation to $2 billion.
In April 2022, the company raised $210 million at a valuation of $1.4 billion, becoming only the second unicorn in the country. Mynt, the parent company of Maya’s biggest competitor GCash, was the first unicorn in the Philippines.
Maya was rebranded from PayMaya last year, with digital asset services among the many new services it offers. Since then, it has been asking its users to turn to digital assets for payments.
The fintech is facing stiff competition from other local VASPs, as well as new entrants including GCash, Maya’s biggest digital payments competitor. As CoinGeek reported, GCash unveiled its GCrypto offering to select users as digital assets continue to experience growing adoption in the country.
The Philippines has the most to gain from blockchain adoption: Stefan Matthews of nChain
width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
Comments are closed.