Maya, the Philippines’ end-to-end digital payments company, is reportedly preparing for an IPO following its parent company Voyager Innovations’ steady growth and expansion into digital banking. While no formal SEC filing has been confirmed as of August 2026, the company has been laying the groundwork for a public listing.
Who owns Maya?
Maya is operated by Maya Philippines, Inc. (formerly PayMaya Philippines), which is part of Voyager Innovations. Voyager is backed by PLDT, the Philippines’ largest telecom provider, as well as global investors including KKR, Tencent, the International Finance Corporation, and World Bank’s IFC. Maya Bank, the digital banking arm, is a separate but related entity under the Maya Group.
Valuation and fundraising history
Voyager Innovations raised over $200 million in 2022 at a valuation of over $1 billion, making it one of the few Philippine fintech unicorns alongside Mynt. The company has continued to grow its revenue base through Maya’s payments ecosystem, Maya Bank’s lending and savings products, and Maya Business’s merchant services. PLDT has previously indicated that an IPO of Maya or Voyager is under consideration as part of its portfolio optimization strategy.
IPO timeline and status
Unlike Mynt, which has filed a formal SEC registration statement, Maya has not yet made a public filing. Industry speculation has pointed to a potential IPO in 2027 or 2028, but the company has not confirmed a timeline. Maya’s current focus appears to be on expanding its digital banking user base and merchant network before pursuing a listing.
What an IPO would look like
If Maya proceeds with an IPO, analysts expect the listing to be on the Philippine Stock Exchange. The company would likely offer a combination of primary shares (to raise capital for expansion) and secondary shares (for existing shareholders like PLDT to divest). Maya’s digital banking business would be a key differentiator in its IPO story, as it is one of the few Philippine fintechs with both a payments license and a digital banking license.
The IPO would give retail investors access to Maya’s growth story, which spans payments processing, digital lending, savings accounts, and merchant services. Maya reported strong growth in its transaction volumes and deposit base in 2025 and 2026.
How Maya compares to GCash
GCash’s parent Mynt has already filed its SEC registration statement and is further along in the IPO process. Maya is seen as the second major Philippine fintech IPO waiting in the wings. Both companies serve overlapping but distinct markets: GCash dominates the consumer mobile wallet space, while Maya is stronger in merchant payments and digital banking. A Maya IPO would give the PSE a pure-play digital banking and payments stock.
