Maya
“Can a Philippine e-wallet evolve into the country's dominant digital bank and MSME financial OS, in a market still dominated by GCash?”
Founded2013
HQMandaluyong, Metro Manila, Philippines
Total raised$210M+ (Series disclosed)
Latest round$210M (2022)
Valuation$1.4B (2022)
IndustryFintech / Neobank
The story
Started in 2000 as Smart Money — the world's first phone-linked Mastercard. Rebranded as PayMaya in 2016 to position as a consumer e-wallet competing with GCash. The decisive pivot came in 2022 when parent Voyager Innovations rolled out a BSP-licensed digital bank (Maya Bank), consolidated the brand to 'Maya', and raised $210M at $1.4B to fund a full neobank build-out — savings, credit, crypto, MSME lending, and a merchant acquiring stack — making Maya one of two scaled digital-banking players in the Philippines alongside GCash.
Last 12 months
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Product timeline
0
Maya Advance and Maya Flexi Loan launched for MSMEs; Maya Suki Credit added for restock financing.· lending
2000
Predecessor product Smart Money launched by Smart e-Money in cooperation with Mastercard.· banking
2016
Rebranded consumer wallet to PayMaya.· pivot
2022
Maya Bank launched as a BSP-licensed digital bank; consumer brand consolidated under 'Maya'.· banking
2022
Raised $210M at a $1.4B valuation led by SIG Venture Capital; added crypto, micro-investments, insurance ambitions.· ipo
2022
Maya Bank became the fastest-growing digital bank in the Philippines with 650k customers and ₱5B deposits within 3 months of public launch.· banking
Regulated entities
2
regulatory licences held by Maya
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Maya’s embedded-finance stack
Payments / PSP
Maya Checkout (self-operated)Maya Payments Platform (self-operated)Maya Terminal (self-operated)Maya Invoice (self-operated)Maya Payment Links (self-operated)Maya QRPh (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
Accounting gap: minor
8 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.