Philippine Fintech Maya plans to raise $150M in a new funding round

02/22/2023 11:34 • AI Insights • 84 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

Analysis based on this information:

Maya, the financial technology company from the Philippines is currently in discussions to raise $150 million in a new funding round, as per reports. While specific details surrounding the funding have not yet been determined, the round is expected to bring the company’s valuation up to around $2 billion. This news comes as a positive sign for the Philippines’ burgeoning fintech industry, which has been growing rapidly over the past years.

The company’s journey has been remarkable despite facing significant challenges since its inception in 2017. Maya offers a digital platform that offers customers an array of financial services such as paying bills, buying load, sending money, and other financial transactions through their smartphones. The company’s platform is available through an app, allowing customers to efficiently manage their funds using their mobile phones. This has been a significant advantage, particularly for the unbanked population in the Philippines, who can now access financial services from the comfort of their homes without physically visiting banking institutions.

Maya aims to expand its market reach and capabilities, which is where the new funding would be put to use. Part of their expansion plan includes the development of innovative and reliable services and products that cater to the evolving needs of consumers in the Philippines. The company also plans to use the funds to grow its Filipino customer base and expand its reach across other Southeast Asian markets.

The Philippine fintech industry has been growing at a tremendous pace, with a number of fintech startups entering the market in the past years. It is an industry that holds great potential in the years to come with a large underserved population that has fewer options for financial services. This trend provides fintech startups such as Maya with an opportunity to cater to this audience and create innovative financial solutions that fill the gaps in the market.

The new round of funding comes as no surprise as investors worldwide are bullish on fintech startups. Fintech firms have grown massively over the past years, with many now commanding multi-billion dollar valuations. As investors remain optimistic about the future of fintech, the Philippines and the wider Southeast Asian region can expect to see more growth from startups like Maya.

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Philippine Fintech Maya plans to raise $150M in a new funding round

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

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