Maya was valued at $1.4 billion in its most recent funding round, a $210 million growth round completed in April 2022. The round was led by SIG Venture Capital with participation from EDBI, First Pacific Company, PLDT, KKR, Tencent, and the International Finance Corporation.

The company previously raised $167 million in June 2021 from KKR, Tencent, and IFC, bringing its cumulative funding to $452 million at that time. Maya's first institutional round was a $215 million Series A led by Tencent in November 2018.

Maya has raised approximately $662 million in total funding since 2018 across multiple rounds. The company is majority-owned by PLDT through its Voyager Innovations subsidiary, with strategic investors holding minority stakes.

Maya operates as a comprehensive financial services super-app built around a Philippine mobile number as the primary identifier. Users download the app, verify with an OTP, and immediately access a basic e-wallet with ₱50,000 monthly limits.

A two-minute electronic know-your-customer process involving ID scanning and selfie verification unlocks ₱500,000 monthly limits plus full banking, credit, and crypto features. The home screen displays four core modules: Wallet for payments, Save for deposits, Credit for lending products, and Invest for cryptocurrency trading.

The payments workflow centers on QR Ph code scanning for merchant transactions, peer-to-peer transfers via username, and bill payments. Users can cash in through 90,000 retail partners or 40+ bank connections.

A virtual Visa card lives within the app while a physical numberless card can be ordered for e-commerce and international use.

Maya Savings offers 3.5% annual interest with spending-tier boosts up to 15%. Goal-based savings envelopes earn 4-8% on the first ₱100,000 each, while Time Deposit Plus products lock funds for 3-12 months at 5.5-6% rates with flexible top-ups.

The credit suite includes Easy Credit revolving lines from ₱200-30,000 based on algorithmic scoring of payment behavior rather than traditional credit bureau data. The Maya Black Visa credit card targets mass-affluent users with lounge access and in-app controls.

Crypto functionality enables peso-first buying and selling of major cryptocurrencies with instant settlement to the peso wallet. The new Maya Funds marketplace allows direct purchase of mutual funds and UITFs from managers like ATRAM and BPI IMI.

Maya operates a vertically integrated financial services platform combining e-wallet, digital banking, and merchant acquiring capabilities. The B2C model serves individual consumers while Maya Business targets SMEs with payment acceptance and working capital solutions.

Revenue generation spans multiple streams with different margin profiles. Payment processing generates immediate fee income at 1.5-3.5% of transaction value. The digital banking operation captures net interest margin by paying 3.5-15% on deposits while lending at higher rates through credit products.

Maya Bank holds customer deposits under PDIC insurance while Maya Philippines operates the e-wallet as an electronic money issuer. This dual-entity structure allows the company to offer both regulated banking services and flexible payment solutions under unified user experience.

The merchant acquiring business leverages Maya's own payment rails and technology stack rather than outsourcing to third-party processors. This vertical integration captures higher margins while enabling real-time settlement and integrated lending decisions based on transaction history.

Credit underwriting relies on proprietary algorithms analyzing payment frequency and wallet behavior rather than traditional credit scores. This data-driven approach enables lending to previously unbanked populations while maintaining risk controls through smaller initial limits that expand with proven payment behavior.

The platform benefits from cross-selling dynamics where payment users graduate to savings products, savings customers access credit lines, and merchants receive working capital based on processing volumes. Each additional product increases customer lifetime value and switching costs.

GCash dominates the Philippine digital wallet market with over 94 million users and ₱1.5 trillion in annual transaction volume. The Globe Telecom and Ant Group joint venture leverages bundled mobile services for customer acquisition and operates GSave high-yield accounts, Fuse credit products, and international remittance corridors across 145 markets.

GCash's scale advantage enables cross-subsidized promotional rates and aggressive marketing spend. The platform processes 50 million daily transactions compared to Maya's smaller but growing user base, creating network effects in peer-to-peer payments and merchant acceptance.

ShopeePay and GrabPay represent e-commerce and ride-hailing platform extensions into financial services. These players leverage existing customer relationships and transaction data but lack Maya's full banking license and deposit-taking capabilities.

GoTyme Bank combines Gokongwei Group retail presence with Tyme's digital banking technology across 600 physical kiosks in SM and Robinsons malls. The platform serves 8 million customers with ₱40 billion in deposits while offering free InstaPay transfers and cryptocurrency trading across 11 coins.

Tonik competes primarily on deposit rates, offering 6-8% time deposit yields for 6-12 month terms up to ₱1.25 million caps. The pure-play digital bank focuses on savings products rather than Maya's integrated payments and merchant services approach.

UnionDigital Bank leverages UnionBank's traditional banking infrastructure while SeaBank extends Sea Limited's regional fintech presence into Philippine digital banking. These players bring established financial services expertise but lack Maya's merchant acquiring scale.

Coins.ph and PDAX focus specifically on cryptocurrency trading and blockchain services. These platforms offer deeper crypto functionality but cannot match Maya's integrated peso banking and payments ecosystem.

BNPL specialists like SPayLater and UnaCash target installment lending without the deposit base or payment rails that enable Maya's integrated credit decisioning. Traditional banks like BPI and Metrobank are launching digital initiatives but face legacy system constraints and higher cost structures.

Maya Funds marketplace positions the company to capture investment management fees as Filipino consumers shift from pure savings to mutual funds and UITFs. The platform's integration with fund managers like ATRAM and BPI IMI creates a seamless wealth management experience within the existing app interface.

Insurance distribution through partnerships with Singlife and M Pioneer extends Maya's financial services suite into protection products. The company can cross-sell life, health, and travel insurance to its 9 million bank users while capturing distribution fees and potentially underwriting margins.

Business lending expansion through Flexi Loan products up to ₱2 million targets SMEs already processing payments through Maya Business. The three-month payment history requirement creates a natural funnel from merchant services to working capital financing.

Micro-merchant digitization through partnerships with Pepsi-Cola's 200,000 retail outlets and Paleng-QR Ph initiatives brings cash-heavy sari-sari stores into Maya's ecosystem. These relationships enable both payment processing fees and microlending opportunities to previously unbanked small retailers.

Smart Communications' zero-rating of Maya app usage removes data cost barriers for 55 million Smart and TNT subscribers. This telco partnership creates near-zero customer acquisition cost for prepaid mobile users who represent a large underserved financial services market.

Overseas Filipino Worker remittances through Visa integration allows foreign-issued cards to fund Maya wallets directly. The $38 billion annual remittance market represents significant expansion potential for foreign exchange services and recipient wallet monetization.

Cross-border payment corridors built on Visa partnerships create beachheads for Maya wallet export to OFW-dense markets in the Middle East and North America. This approach avoids full banking license requirements while capturing remittance flows and diaspora financial services needs.

Regional fintech expansion could leverage Maya's technology platform and operational expertise across other Southeast Asian markets with similar mobile-first financial inclusion opportunities. The company's proven ability to navigate emerging market regulations and build local partnerships provides competitive advantages for geographic replication.

Regulatory constraints: Maya operates under dual regulatory oversight with Maya Bank subject to BSP digital banking rules while Maya Philippines follows e-money issuer requirements. Changes to capital requirements, interest rate regulations, or cross-entity transaction limits could constrain growth or force costly structural modifications to the integrated platform model.

GCash competition: The dominant market position of GCash with 94 million users creates significant competitive pressure on customer acquisition costs and merchant acceptance. GCash's ability to leverage Globe Telecom's subscriber base and Ant Group's technology resources for promotional pricing and feature development could limit Maya's market share expansion despite superior unit economics.

Credit risk concentration: Maya's algorithmic lending approach relies heavily on payment behavior data rather than traditional credit scoring, creating potential blind spots during economic downturns when payment patterns may not predict default risk accurately. The company's 51% loan-to-deposit ratio and focus on previously unbanked populations could amplify losses if credit models prove inadequate during stress periods.