Maya, the Philippines’ leading fintech ecosystem, has marked a strong year in digital banking and payments, issuing over 125,000 credit cards in six months and achieving group-wide profitability by December 2024.

These milestones highlight Maya’s ability to scale rapidly across banking, payments and lending, reinforcing its position as a dominant force in the country’s financial sector.

"Achieving profitability at the group level while scaling rapidly underscores our ability to drive sustainable growth," said Shailesh Baidwan, Maya Group president and Maya Bank co-founder. "We are building a digital-first financial ecosystem that is accessible, innovative and designed to empower millions of Filipinos consumers and micro, small and medium-sized enterprise (MSME) to save, borrow, invest, make and receive payments."

Maya is one of the few digital banks in the country to achieve profitability, attesting to its strong ecosystem of payments and digital banking.

Maya’s first credit card, the Landers Cashback Everywhere credit card, has seen strong consumer demand since its launch in August 2024.The product’s fully digital application and instant activation via the Maya app have been key drivers of adoption, particularly among first-time credit users, who account for almost 40% of cardholders, and customers outside Metro Manila, who make up around 60% of the total base. By streamlining the credit approval process and eliminating traditional banking barriers, Maya has expanded access to financial services across a broader market.

Sustained growth and group profitability in 2024

Maya’s expansion into consumer credit is part of its broader strategy to scale digital banking, payments and lending, culminating in group-wide profitability by December 2024. This marks a significant milestone for Maya, which includes both Maya Philippines for payments and Maya Bank for digital banking, underscoring its strong financial performance across multiple business segments.

As of end-2024, Maya reported significant growth across its ecosystem. The company’s banking customer base grew to 5.4 million, a 71% year-on-year increase, while its borrower base nearly doubled to 1.6 million. Deposits also rose substantially, reaching PHP 39 billion ($679 million), up 59% from 2023, while cumulative loan disbursements totaled PHP 92 billion ($1.6 billion). Maya also maintained its leadership in digital payments, holding the largest market share in card acquiring and QRPH transactions, further reinforcing its dominance as the #1 omni-channel payments processor in the Philippines.

Expanding digital banking and enterprise solutions

Beyond consumer credit, Maya has expanded its business banking and MSME-focused services, introducing bill payment solutions under Maya Business Deposit and custom loan terms for small businesses to enhance financial flexibility. These initiatives align with Maya’s broader strategy to support businesses and entrepreneurs with seamless digital banking and financing solutions.

With continued momentum in banking, lending, and payments, Maya remains focused on expanding its credit and lending portfolio, enhancing its enterprise solutions, and scaling sustainably while deepening financial inclusion.

Maya is a leading fintech ecosystem in the Philippines, comprising Maya, a digital bank, and Maya Business, an omni-channel payment processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 500,000 ($8,717) per depositor.

Re-disseminated by The Asian Banker