Global investment firm KKR has engaged Goldman Sachs to facilitate the sale of its substantial minority stake in the Philippine fintech company Maya, as confirmed by two sources familiar with the situation. KKR, based in New York, holds over 20% of Maya and the potential transaction, if completed, could value Maya at over $2 billion, according to one of the sources. The individuals providing this information requested anonymity due to the confidential nature of the matter. Maya declined to comment, redirecting inquiries to KKR, which, along with Goldman, also chose not to provide comments.
Maya operates as a comprehensive financial app, offering a range of digital payment and banking services such as bill payments, remittances, savings, investments, and cryptocurrency. Its Maya Bank ranks as the leading digital bank in the Philippines, serving 5.4 million customers. In April 2022, Maya secured a significant round of funding to support its digital banking initiative and expand services like cryptocurrency and micro-investments, resulting in a valuation of $1.4 billion.
In October 2018, KKR invested in Maya, previously known as Voyager Innovations, alongside Tencent Holdings, injecting a combined total of up to $175 million into new shares. This move marked KKR's initial private equity investment in the Philippines, aligning with its strategy to invest in burgeoning markets fueled by the swift adoption of technology.
As of 2024, Maya had amassed 39 billion Philippine pesos ($665.87 million) in deposit balances and issued 68 billion pesos in loans within a year. Since 2022, the digital bank has disbursed a total of 92 billion pesos in loans.