SINGAPORE (Reuters) – Global investment firm KKR has reportedly engaged Goldman Sachs to oversee the sale of its substantial minority stake in Philippine financial technology company Maya, as disclosed by two sources familiar with the situation.
KKR, based in New York, currently holds a stake of over 20% in Maya. Should the potential sale transpire, it is anticipated that Maya could be valued at more than $2 billion, according to one of the sources who opted to remain anonymous due to the sensitive nature of the matter.
When approached for comments, Maya stated its inability to provide a statement and redirected inquiries to KKR. Both KKR and Goldman Sachs declined to offer any official comments on the reported transaction.
Maya is an integrated financial application that offers a wide range of digital payment and banking services, including bill settlements, remittances, savings, investments, and cryptocurrency support. Notably, Maya Bank stands as the premier digital banking institution in the Philippines, boasting a substantial customer base of 5.4 million.
In its most recent notable fundraising effort in April 2022, Maya secured $210 million in capital to bolster its digital banking initiatives and expand its service portfolio to include cryptocurrency offerings and micro-investments. This funding round propelled Maya’s valuation to $1.4 billion.
KKR initially invested in Maya, previously known as Voyager Innovations, in October 2018. During that time, KKR, alongside Tencent Holdings, collectively subscribed to new shares worth up to $175 million. This investment marked KKR’s maiden foray into private equity in the Philippines and aligned with its strategic focus on high-growth markets propelled by rapid technological advancement.
As of the close of 2024, Maya reported 39 billion Philippine pesos ($665.87 million) in deposit balances and 68 billion pesos in loan disbursals over the course of a single year. Since 2022, the digital bank has disbursed a cumulative total of 92 billion pesos in loans.
(Reporting by Yantoultra Ngui in Singapore; Additional reporting by Karen Lema in Manila; Editing by Mrigank Dhaniwala)
