Voyager Improvements, the agency behind the Philippines’ prime digital funds app Paymaya, has introduced it has achieved unicorn standing after a current spherical of funding, surpassing a $1 billion valuation.

Voyager Innovation announced Tuesday that the brand new $210 million capital boosted its valuation to $1.4 billion. The corporate highlighted that the brand new funds will likely be used to develop crypto choices that it not too long ago added to its flagship digital funds app PayMaya.

In line with the information launch, the current financing spherical was led by SIG Enterprise Capital. It included well-known corporations reminiscent of KKR, First Pacific Co., Tencent Holdings Restricted and PLDT Inc., the Philippines’ largest telecom supplier.

As reported by Cointelegraph, PayMaya not too long ago launched crypto providers into the app, permitting customers to purchase, promote, and earn crypto utilizing it. The cash will likely be used to develop the crypto choices additional. PayMaya additionally not too long ago obtained a Digital Asset Companies Supplier (VASP) license from the Philippine Central Financial institution. The agency can even make investments the money in PayMaya-branded digital financial institution providers, reminiscent of financial savings and credit score.

In line with Voyager, a lot of the Philippine inhabitants is “underserved” when it comes to web and digital finance. It goals to benefit from this by extending its market attain. As of March 31, PayMaya has over 47 million customers.

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Over the previous two years, Philippine’s digital financial system has elevated, thanks largely to Voyager and its rival Mynt. In line with a study by Google, Temasek, and Bain & Co., the Philippines ‘ digital financial system elevated 94% from 2020 to 2021 and it’s projected to succeed in $40 billion by 2025.

The growth of web commerce within the nation will possible enhance cryptocurrency adoption. The Philippines doesn’t have any laws proscribing the commerce of digital currencies presently. Nonetheless, the central financial institution has repeatedly warned traders concerning the dangers within the nascent market.