Philippine Fintech Maya Eyes $1B US IPO After Profit Breakthrough
Maya is reportedly preparing for a potential US initial public offering that could raise between $500 million and $1 billion, according to multiple media reports.
- Philippine fintech Maya is considering a US IPO to raise up to $1 billion in 2025–2026.
- The company posted its first profit in Q1 2025 after pivoting to digital banking.
- Customer numbers and lending volumes are rising sharply.
- Crypto services could face scrutiny in a US listing process.
While the company has declined to comment on what it described as market speculation, sources suggest discussions with advisors are underway, with a listing possible as early as late 2025 or sometime in 2026.
The move would position Maya among a growing number of Southeast Asian tech firms seeking deeper capital markets abroad, tapping into stronger liquidity and broader institutional demand in the United States.
From E-Wallet to Profitable Digital Bank
Maya’s evolution from a payments-focused wallet into a fully licensed digital bank has reshaped its financial profile over the past two years.
In the first quarter of 2025, Maya Bank posted its first profitable quarter, reporting net income of 300 million pesos, or roughly $5.2 million. The turnaround marks a milestone for a company that has aggressively expanded its lending and deposit products under a digital banking license from the Bangko Sentral ng Pilipinas.
Customer growth has been equally notable. By the second quarter of 2025, Maya’s digital bank had reached 8.2 million customers, up sharply from 5.4 million at the end of 2024. On the lending side, cumulative loan disbursements hit 92 billion pesos, or around $1.6 billion, by the close of 2024.
These figures have strengthened expectations that Maya’s valuation could exceed $2 billion in a future IPO or stake sale, well above the $1.4 billion valuation that secured its unicorn status in 2022.
Strong Backing and Ownership Dynamics
Maya’s shareholder base includes heavyweight investors such as PLDT Inc., KKR & Co., Tencent Holdings Ltd., and the International Finance Corp, the private-sector arm of the World Bank.
KKR, which holds more than 20% of the company, has reportedly explored options to sell its stake. Goldman Sachs has previously been linked to advisory roles related to potential transactions, underscoring the level of institutional involvement surrounding Maya’s strategic direction.
A US listing would also align with a broader regional trend of high-growth tech firms seeking overseas markets for larger valuations and more diverse investor bases.
Competition With GCash Intensifies
Maya’s IPO considerations come as domestic rival GCash is also weighing its own listing plans. GCash is reportedly targeting a Philippine IPO aimed at raising between $1 billion and $1.5 billion, though its timeline has reportedly been pushed to the second half of 2026 or later.
While GCash currently commands a larger user base and stronger market dominance locally, Maya’s pivot toward digital banking and profitability could appeal to US investors looking for scalable fintech models in emerging markets.
Crypto Services May Draw US Scrutiny
Beyond savings accounts, consumer loans, and merchant payment solutions, Maya’s app also integrates cryptocurrency trading services. That feature could become a focal point for US regulators and institutional investors assessing compliance standards and risk controls.
As digital asset oversight tightens globally, the regulatory framework surrounding in-app crypto services will likely play a role in shaping investor appetite during any IPO roadshow.
For now, Maya’s reported IPO plans remain unofficial. But with profitability achieved, customer growth accelerating, and strategic investors in place, the company appears to be positioning itself for a high-profile entry into US capital markets within the next 12 to 18 months.
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