Private equity firm KKR has reportedly hired Goldman Sachs to help sell its stake in Philippine fintech company Maya, according to sources familiar with the matter. The sale is part of KKR’s strategy to divest some of its holdings in fast-growing tech companies as it seeks to rebalance its investment portfolio. KKR’s involvement in Maya dates back to October 2018 when the firm invested as part of a US$175 million funding round.
Maya, a prominent player in the Philippines’ digital banking and fintech sector, has emerged as a key player in the Southeast Asian region’s digital financial services space. The company offers a range of services, including digital wallets, payment solutions, and banking features, making it an integral part of the region’s push toward financial inclusion. With an increasing number of Filipinos embracing digital solutions for banking and payments, Maya has been expanding its footprint and scaling up its offerings to cater to this growing demand.
KKR’s Investment in Maya
KKR’s investment in Maya in 2018 came as part of the company’s strategy to tap into the rapid growth of fintech in emerging markets. At the time, the fintech sector was seeing a boom in Southeast Asia, driven by increasing smartphone penetration, a young population, and the growing need for accessible financial services. With this investment, KKR aimed to support Maya’s growth and help it solidify its position in the regional fintech ecosystem.
During its investment period, Maya has expanded its product offerings and achieved significant milestones, positioning itself as one of the leading digital banks in the Philippines. It has also worked to extend financial services to the unbanked and underbanked populations, which remains a significant issue in many parts of Southeast Asia. The company’s innovations in digital payments, banking, and mobile services have made it an attractive player in a competitive market.
The Move to Sell Stake
As KKR looks to divest its stake in Maya, the decision aligns with the firm’s broader strategy to manage its investments and maximize returns. By hiring Goldman Sachs, KKR is likely seeking an optimal exit strategy, whether through a sale to another private equity firm, a strategic investor, or potentially a public listing. Given the rapid growth of the fintech sector in the Philippines and Southeast Asia, KKR’s stake in Maya has likely appreciated in value, making it an attractive asset for potential buyers.
The decision to sell comes at a time when fintech companies in Southeast Asia are experiencing strong growth, and there is considerable investor interest in the sector. With the Philippines being one of the largest and fastest-growing digital economies in the region, Maya is well-positioned to continue its expansion, making it an appealing asset for investors looking to gain a foothold in the market.
Looking Ahead
KKR’s decision to sell its stake in Maya will be watched closely by market observers, as it could signal the next phase of Maya’s growth and development. The fintech sector in the Philippines is expected to continue its upward trajectory, and the company is well-positioned to capture a larger share of the market. Whether through a strategic sale or an initial public offering (IPO), Maya’s future looks promising as it continues to serve a growing customer base and drive financial inclusion in the region.
The involvement of Goldman Sachs in facilitating the sale highlights the potential for a high-profile transaction, which could be a key move in shaping the future landscape of fintech in Southeast Asia. For KKR, the sale of its stake marks the realization of returns from its investment, furthering its goal of backing high-growth tech companies across emerging markets.
