KKR, a global investment firm, is reportedly planning to sell its minority interest in Maya, a Philippine FinTech company. Maya operates a digital bank and comprehensive money app, serving 5.4 million customers in the Philippines.

KKR holds over 20% of the company, and the potential transaction could value Maya at more than $2 billion, as reported by Reuters on January 17.

KKR's investment in the company dates back to October 2018, when it was still operating under the name Voyager Innovations.

In its latest significant funding round in April 2022, Maya was valued at $1.4 billion after raising $210 million. At that time, the company was still known as Voyager Innovations and had achieved unicorn status as the parent of FinTech PayMaya and neobank Maya Bank, according to PYMNTS.

The company indicated that the funds would be utilized to introduce new services for Maya Bank, including savings and credit options, while also enhancing PayMaya’s offerings with products like cryptocurrency and micro-investment insurance.

In a previous funding round, Voyager Innovations secured $167 million in June 2021 from its parent company PLDT, along with investments from Tencent, KKR, and the IFC Financial Institutions Growth Fund.

Prior to that, the company raised $120 million in April 2020 and $215 million in 2018.

In April 2022, the company rebranded its PayMaya mobile wallet to Maya, simultaneously broadening its services to encompass digital banking and cryptocurrency features.

It launched its digital bank, Maya Bank, six months after obtaining a digital banking license from the Bangko Sentral ng Pilipinas (BSP).

These new features complemented the company’s established eWallet services, which include money transfers and merchant and bill payments.

Mynt, which operates another mobile wallet in the Philippines called GCash, was valued at $5 billion in August following investments from Ayala Corp. and Mitsubishi UFJ Financial Group (MUFG).

Yasushi Itagaki, the leader of MUFG’s global commercial banking division, expressed in a press release at that time: “We are thrilled to enhance our support for the continued growth of the digital economy and financial inclusion in the Philippines through our investment.”

In May, GCash reported that approximately 94 million individuals in the Philippines, representing around 78% of the nation's population, had utilized its digital wallet.