Maya cited among most promising global fintech firms – Manila Bulletin

CB Insights named all-in-one money platform Maya to its fifth annual Fintech 250 ranking, which showcases the 250 most promising private fintech companies in 2022.

Maya, through parent company Voyager Innovations, joins an international elite list that includes digital banks Revolut and N26, PayPal-backed payment processor Stripe, trading platform Pine Labs and crypto platform Binance.

The citation is in recognition of Maya’s strong record of execution as the only platform with a top-ranked all-in-one money app, leading payment processor business, most extensive MSME network on the ground and the fastest growing digital bank in the Philippines. It is powered by Maya Philippines for digital payments and Maya Bank for digital banking. Both companies are under Voyager Innovations.

“We are proud to be recognized alongside other pioneers in the global fintech space. Being on this list confirms our goal of offering an integrated experience to our customers through our comprehensive digital financial ecosystem. It is also a testament to the organization world-class that we have built,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-founder.

“This year’s Fintech 250 winners are shaping the future of financial services, from payments and banking to investments and insurance,” said Brian Lee, SVP of CB Insights’ Intelligence Unit. “Representing more than 30 countries, these companies are creating safer and more efficient payment methods and transforming how traditional banking, insurance and investment products are delivered.”

CB Insights selected Maya as one of 250 winners from a pool of over 12,500 private companies, including applicants and nominees. Winners were selected based on factors including R&D activity, proprietary Mosaic scores, market potential, business relationships, investor profile, news sentiment analysis, competitive landscape, team strength and technological novelty.

Since its transformation from PayMaya, the company has expanded beyond payments, introducing game-changing digital banking innovations across its unique ecosystem of 51 million consumers and network of 1.2 million MSMEs.

Three months after launch, Maya Bank became the fastest growing digital bank in the Philippines, breaking records by registering over PHP 5 billion in deposit balances and over 650,000 banking customers in just three months after launch.

Maya Bank is also the only digital bank that offers loan products within a quarter of launch. It was able to scale quickly because it leveraged the ready pool of rich transactional data from the payments business.

In March 2022, Maya, through its parent company Voyager Innovations, the second tech unicorn in the Philippines, was backed by global investors including KKR, Tencent, International Finance Corporation, IFC Emerging Asia Fund, IFC Financial Institutions Growth Fund, SIG Venture Capital, EDBI, First Pacific Company and PLDT.