Maya Bank needs to raise additional capital as it seeks to further grow its financial portfolio that provides payment solutions, savings, credit and cryptocurrency services.
Shailesh Baidwan, Maya Group president, said in a recent briefing in Makati they were talking with potential investors who can aid the digital bank with their expansion plan—a move backed by the existing shareholders.
“At this stage, we are very much focused on growth. We will be needing capital to push our growth agenda,” Baidwan explained.
“We do to talk with potential investors. Potential investors also reach out to us,” he said.
Last year, it said it achieved “unicorn plus” status after securing $210 million in fresh funds, bringing total capital infusion thus far to $1.4 billion. A unicorn is a startup that has a valuation of at least $1 billion.
As of end-March, the Pangilinan-backed financial technology player has 1.8 million customers with P2.1 billion in deposits.
Maya disbursed loans amounting to P6 billion in eight months.
“Its comprehensive approach drives higher customer engagement, with savings and credit users transacting up to three times more than payment-only users, resulting in a loyal user base and increased wallet share,” the company said in a statement.
The digital bank is also offering solutions for enterprise segment, which Baidwan described as an opportunity for growth.
Among its services are integrated payment solutions and embedded banking for government agencies and micro, small and medium enterprises.
In January, Maya rolled out its cashless payment solution—supported by QR Ph, the government’s standard for QR payments—in Central Visayas. QR, which means quick response, allows users to pay for transactions by scanning the code.
“Small merchants and Filipino consumers are not only enjoying hassle-free payment experience for their everyday transactions with Maya QR but also creating a financial footprint that allows them to access more advanced banking services offered by Maya,” Maya head of enterprise business Mar Lazaro said earlier. INQ