Categories: Stock Market News

KKR hires Goldman for promoting stake in Philippine fintech Maya, sources say


By Yantoultra Ngui

SINGAPORE (Reuters) – International funding agency KKR has appointed Goldman Sachs for the sale of its important minority stake in Philippine fintech firm Maya, in keeping with two sources with information of the matter.

New York-headquartered KKR owns greater than 20% of Maya and the potential sale, if it goes by way of, may worth Maya at greater than $2 billion, one of many sources stated.

The sources declined to be named because the matter was non-public.

Maya stated it was unable to remark and referred Reuters’ request to KKR.

KKR and Goldman declined to remark.

Maya is an all-in-one cash app, the place it presents digital fee and banking companies together with invoice funds, remittances, financial savings, investments and cryptocurrency. Its Maya Financial institution is the highest digital financial institution within the Philippines with a buyer base of 5.4 million.

Maya’s final important fundraising spherical was in April 2022 when it raised $210 million to fund its digital banking enterprise and different companies like cryptocurrency and micro-investments, valuing the corporate at $1.4 billion.

KKR invested in Maya, previously generally known as Voyager Improvements, in October 2018 when KKR and Tencent Holdings (OTC:TCEHY) individually subscribed to a complete of as much as $175 million value of recent shares.

That funding marked KKR’s first non-public fairness funding within the Philippines and got here as a part of its technique to spend money on high-growth markets pushed by a speedy improve in expertise adoption.

Maya closed 2024 with 39 billion Philippine peso ($665.87 million) in deposit balances and 68 billion peso in mortgage disbursements in a single yr.

Since 2022, the digital financial institution has disbursed a complete of 92 billion peso in loans.

($1 = 1.3665 Singapore {dollars})

($1 = 58.5700 Philippine pesos)

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