Philippine Fintech Company Maya Plans to Raise US $150 Million with Valuation Target of US $2 Billion

02/22/2023 11:34 • Crypto & Markets • 65 views

It is reported that Maya, a Philippine financial technology company, is considering raising about US $150 million to promote its growth, according to people familiar with the matter. A new round of financing may raise its valuation to about US $2 billion, and details such as transaction size and valuation may still change.

Maya, a Philippine financial technology company, announced a US $150 million financing

Interpretation of the news:

Maya, a financial technology company based in the Philippines, is said to be exploring the possibility of raising US $150 million in a new round of financing to support its growth plans. According to reliable sources, the company may raise its valuation to about US $2 billion through this round of funding. The transaction size and valuation details are still subject to change, but if successful, this round of financing will become one of the largest in the Philippines’ fintech space.

Maya has established itself as a leading provider of digital financial solutions in the Philippines. Its platform allows its users to send and receive money, pay bills, and purchase insurance and other financial products. The company has over 6 million registered users and has processed over US $1 billion in transactions since its launch.

This recent development shows that the fintech sector in the Philippines is rapidly gaining momentum. Investors are showing keen interest in the sector, and the government is implementing policies to encourage further growth. According to a report by Fitch Solutions, the Philippines’ fintech market is set to expand by a compound annual growth rate (CAGR) of 20.5% between 2020 and 2025.

Maya’s plan to raise funds for its growth strategy aligns with the larger trend in the fintech industry of investing heavily in technology and innovation. Maya’s CEO, Paolo Azzola, has said that they aim to use the funds raised to expand into new business areas, such as digital lending and investment, and to improve their existing services.

Maya’s previous investors include Tencent, which contributed to the US $128 million Series B funding round in 2019. With its expansion plans and impressive track record, Maya is likely to attract new investors in the upcoming funding round. If the company successfully raises the targeted US $150 million, it will become one of the highest-valued fintech companies in Southeast Asia.

In conclusion, Maya’s plan to raise US $150 million in new capital to fuel its growth strategy is a testament to the potential of the Philippine fintech sector. The investment will enable the company to expand its existing services, explore new business areas, and strengthen its position as a leading player in the market. As more investors flock to the fintech industry in the Philippines, Maya’s move is a reflection of the sector’s strong growth potential.

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