Global private equity giant KKR has enlisted Goldman Sachs to explore the sale of its significant minority stake in the Philippine fintech company Maya, according to a report by Reuters citing unnamed sources familiar with the matter.
KKR, which holds over 20% of Maya, could see the transaction value the fintech firm at more than $2bn, one of the sources revealed. The individuals requested anonymity as the discussions remain confidential.
Maya, formerly known as Voyager Innovations, operates as an all-in-one financial platform, providing services like digital payments, remittances, savings, investments, and cryptocurrency. Its Maya Bank has established itself as the leading digital bank in the Philippines, boasting a customer base of 5.4 million.
The company’s last major fundraising round was in April 2022, where it raised $210m to fuel its digital banking expansion and other financial services. This round valued Maya at $1.4bn, demonstrating its growth trajectory.
KKR first invested in Maya in October 2018, when it partnered with Tencent Holdings to collectively subscribe to $175m worth of new shares. This marked KKR’s debut private equity investment in the Philippines, aligning with its strategy of backing high-growth markets driven by rapid technological adoption.
Maya has showcased robust growth, closing 2024 with PHP39bn ($665.87m) in deposit balances and PHP68bn in loan disbursements for the year. Since 2022, the company has disbursed a cumulative PHP92bn in loans, solidifying its position as a key player in the region’s financial ecosystem.
Maya declined to comment on the potential sale and directed inquiries to KKR. Both KKR and Goldman Sachs also declined to comment on the matter.
The potential sale underscores KKR’s strategy to capitalise on Maya’s growth and the increasing adoption of digital financial services in Southeast Asia. The move could allow KKR to unlock significant value from its investment while opening the door for new investors to participate in Maya’s continued expansion.
As the fintech landscape in the Philippines continues to evolve, the sale of KKR’s stake in Maya could attract considerable interest from global and regional investors seeking exposure to the burgeoning digital finance sector in Southeast Asia.
