Fresh from its rousing win at the IDC Future Enterprise Awards (FEA) 2022, where it was conferred the “Future of Intelligence” award in recognition of its impactful positive changes to enterprise intelligence and for developing and promoting a data culture, Maya Philippines is hogging headlines once again.
This time, the recognition comes from CB Insights, a global consultancy firm, which listed the all-in-one money platform among its top “250 most promising private fintech companies of 2022.”
“We are proud to be recognized alongside other trailblazers in the global fintech space. Being on this list validates our thrust of providing an integrated experience to our customers through our comprehensive digital financial ecosystem. It is also a testament to the world-class organization that we have built,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder, in a press release.
The citation is in recognition of Maya’s strong record of execution as the only platform with a top-rated all-in-one money app, leading merchant payments processor business, the most extensive MSME on-ground network, as well as the fastest-growing digital bank in the Philippines. It is powered by Maya Philippines for digital payments and Maya Bank for digital banking.
Maya, through its parent company Voyager Innovations, joins an elite international roster that includes digital banks Revolut and N26, PayPal-backed payment processor Stripe, merchant platform Pine Labs, and crypto platform Binance.
“This year’s Fintech 250 winners are shaping the future of financial services, from payments and banking to investing 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 investing products are delivered,” he added.
CB Insights selected Maya as one of the 250 winners from a pool of over 12,500 private companies, including applicants and nominees. The winners were chosen based on factors that include R&D activity, proprietary mosaic scores, market potential, business relationships, news sentiment analysis, as well as investor profile, competitive landscape, team strength, and tech novelty.
Expanding beyond payments
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 its launch, Maya Bank became the fastest-growing digital bank in the Philippines, smashing records by recording more than P5 billion in deposit balance and over 650,000 bank customers in just three months after its launch.
Maya Bank is also the only digital bank to offer loan products within a quarter from launch. It was able to scale fast because it leveraged the ready pool of rich transactional data from its payments business.
In March 2022, Maya, through its parent company Voyager Innovations, became the second tech unicorn in the Philippines, 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.