Stephanie Douse 
Voyager Innovations, owner of Philippines ‘ largest digital payments app, announced on Tuesday after $210 million in funding that it had achieved unicorn status.
The new capital will be used to broaden the company’s crypto services according to the company.
Voyager, which operates the popular payments app PayMaya said the latest funding round was led by SIG Venture Capital and included established names like First Pacific Co, KKR, Tencent, and PLDT Inc, the Philippines’ largest telecom provider.
Voyager’s valuation increased to $1.4 billion as a result of the new funding, making it a unicorn.
Voyager to broaden its crypto services.
The company recently integrated crypto services into PayMaya which allows users to buy, sell, and earn cryptocurrency through the app. The funds raised today will be utilized to expand these services. PayMaya recently secured a Virtual Asset Services Provider license from Philippine Central Bank
The firm will also use the funds to launch PayMaya’s digital bank services, such as savings and credit.
According to Voyager, a bulk of the Philippine population was “underserved” about the internet and digital finance. It plans to capitalize on this in broadening its market reach. PayMaya had over 47 million users as of the end of March.
Philippines’ digital adoption on the rise
The Southeast Asian nation’s digital economy has exploded over the past two years, thanks largely to ventures from Voyager and its rival Mynt. The country’s digital economy expanded 94% from 2020 to 2021 and is predicted to grow to $40 billion by 2025, according to a study by Google, Temasek, Bain & Co
This growth in internet commerce is expected to boost crypto adoption in the country. Although the central bank has repeatedly warned users about the high levels of volatility in the space, there are presently no rules banning the trade of digital currencies in the Philippines.
According to research from triple-A, about 4% of Filipinos own cryptocurrency. As more mainstream payment companies enter the market, the number could rise.
As in most other Southeast Asian countries, cryptocurrency is not regarded as legal tender in the Philippines.