World funding agency KKR has enlisted Goldman Sachs to facilitate the sale of its vital minority stake in Philippine fintech firm Maya, in response to a Reuters report that cited two sources with direct information of the matter.
KKR, which owns greater than 20% of Maya, might see the potential sale valuing the corporate at over $2 billion, one of many sources famous. The sources requested anonymity because the discussions stay personal.
Neither KKR nor Goldman Sachs offered feedback to Reuters on the matter, whereas Maya redirected inquiries to KKR with out providing additional remarks.
Maya, previously often called Voyager Improvements, operates as an all-in-one cash app within the Philippines, offering companies resembling digital funds, banking, remittances, financial savings, investments, and cryptocurrency.
Its Maya Financial institution, a high digital financial institution within the nation, boasts 5.4 million prospects and has performed a major position in advancing monetary inclusion within the Philippines.
The fintech’s final main fundraising occurred in April 2022 when it raised $210 million to bolster its digital banking and different companies, attaining a valuation of $1.4 billion.
Since then, Maya has continued its speedy development, with its digital financial institution disbursing loans totaling 92 billion Philippine pesos ($1.6 billion) as of the top of 2024.
KKR’s funding in Maya dates again to October 2018, marking the agency’s first personal fairness enterprise within the Philippines.
The deal, in collaboration with Tencent Holdings, injected as much as $175 million into the corporate, reflecting KKR’s technique to capitalize on high-growth markets pushed by technological adoption.
Maya’s efficiency in 2024 additional solidified its place as a number one fintech within the area. The corporate closed the 12 months with 39 billion pesos ($665.87 million) in deposit balances and 68 billion pesos in mortgage disbursements, underscoring its increasing position within the nation’s monetary ecosystem.
The potential sale comes amid rising competitors within the Philippine digital monetary companies market. Rival GCash, operated by Mynt, just lately reached a $5 billion valuation and reported vital penetration, with 94 million Filipinos having used its digital pockets.
If accomplished, the sale of KKR’s stake in Maya would mark a notable transaction in Southeast Asia’s fintech panorama, highlighting the area’s growing enchantment to world buyers.
