Global investment firm KKR has enlisted Goldman Sachs to facilitate the sale of its significant minority stake in Philippine fintech company Maya, according to a Reuters report that cited two sources with direct knowledge of the matter.
KKR, which owns more than 20% of Maya, could see the potential sale valuing the company at over $2 billion, one of the sources noted. The sources requested anonymity as the discussions remain private.
Neither KKR nor Goldman Sachs provided comments to Reuters on the matter, while Maya redirected inquiries to KKR without offering further remarks.
Maya, formerly known as Voyager Innovations, operates as an all-in-one money app in the Philippines, providing services such as digital payments, banking, remittances, savings, investments, and cryptocurrency.
Its Maya Bank, a top digital bank in the country, boasts 5.4 million customers and has played a significant role in advancing financial inclusion in the Philippines.
The fintech’s last major fundraising occurred in April 2022 when it raised $210 million to bolster its digital banking and other services, achieving a valuation of $1.4 billion.
Since then, Maya has continued its rapid growth, with its digital bank disbursing loans totaling 92 billion Philippine pesos ($1.6 billion) as of the end of 2024.
KKR’s investment in Maya dates back to October 2018, marking the firm’s first private equity venture in the Philippines.
The deal, in collaboration with Tencent Holdings, injected up to $175 million into the company, reflecting KKR’s strategy to capitalize on high-growth markets driven by technological adoption.
Maya’s performance in 2024 further solidified its position as a leading fintech in the region. The company closed the year with 39 billion pesos ($665.87 million) in deposit balances and 68 billion pesos in loan disbursements, underscoring its expanding role in the country’s financial ecosystem.
The potential sale comes amid growing competition in the Philippine digital financial services market. Rival GCash, operated by Mynt, recently reached a $5 billion valuation and reported significant penetration, with 94 million Filipinos having used its digital wallet.
If completed, the sale of KKR’s stake in Maya would mark a notable transaction in Southeast Asia’s fintech landscape, highlighting the region’s increasing appeal to global investors.
