Maya, the Philippine digital bank backed by KKR, Tencent, and the World Bank's International Finance Corporation, is exploring a US initial public offering that could raise between $500 million and $1 billion, according to a Bloomberg report published on February 16, 2026. The company is already working with advisers on a listing that could happen as early as this year, though both the timeline and the amount raised remain subject to change.
If Maya pulls it off, it would mark one of the largest US-listed fintech IPOs out of Southeast Asia, and one of the few to carry a regulated crypto trading feature baked directly into its core banking app.
Why a $1 Billion Philippine Fintech Is Looking Past Manila
Maya is not a crypto-native startup. It is the digital banking arm of Voyager Innovations, itself a subsidiary of PLDT, the Philippines' largest telecom company. The bank holds a full digital banking license from the Bangko Sentral ng Pilipinas (BSP) and has built an all-in-one financial app that lets users open savings accounts earning up to 15% annually, take out instant consumer loans of up to 250,000 pesos, and manage debit and credit cards.
By the end of 2024, Maya's digital bank had 5.4 million customers and had disbursed 68 billion pesos (roughly $1.2 billion) in loans over the year. About 70% of its customer base lives outside Metro Manila, a telling detail in a country where traditional banking penetration remains thin in the provinces.
A US listing would give Maya access to far deeper capital pools than the Philippine Stock Exchange can offer. US IPO activity recovered in 2025 with 202 listings raising approximately $44 billion, and the window appears to be holding open into 2026. For Maya's institutional backers, including KKR and Tencent Holdings, a US exit offers liquidity at a potentially higher multiple than a domestic listing would command.
The Crypto Feature That Sets Maya Apart
What makes Maya relevant beyond the traditional fintech IPO narrative is its in-app cryptocurrency trading. Maya operates as a registered virtual asset service provider under BSP's regulatory framework, allowing users to buy and sell crypto directly alongside their savings accounts, loans, and card payments.
This positions Maya somewhere between a Revolut and a Coinbase in the Philippine market: a fully licensed bank that also lets customers trade digital assets. Finance Magnates dubbed it the "Philippine Revolut" for exactly this reason.
However, the crypto segment comes with caveats. Maya has not publicly disclosed how much revenue or transaction volume its crypto trading contributes to the broader business. Users have also reported technical issues, including "Buy" and "Sell" buttons becoming disabled during periods of sharp price increases, with volatile assets marked "temporarily unavailable" while less volatile cryptocurrencies remained tradable. These are the kinds of growing pains that US public-market investors will scrutinize closely during the roadshow.
What This Means for Southeast Asia's Crypto Card Landscape
The Philippines is one of Southeast Asia's most active crypto markets. Remittances, which account for roughly 10% of the country's GDP, have been a natural on-ramp for digital payments and crypto adoption. Maya's potential listing could accelerate this trend by giving the company more capital to invest in its crypto infrastructure and card products.
For the broader crypto card space, Maya's IPO signals that regulated fintech banks with integrated crypto features are becoming viable public-market businesses. This contrasts with the pure-play crypto card model, where companies like Crypto.com or Nexo build card programs on top of exchange or lending platforms. Maya's approach, starting with traditional banking and layering crypto on top, may prove more palatable to institutional investors and regulators alike.
If Maya successfully lists, it could also set a precedent for other Southeast Asian fintechs with crypto features. Companies like Grab's financial arm in Singapore or GoPay in Indonesia are watching closely. The question is whether US investors will value Maya primarily as a high-growth emerging-market bank, or whether the crypto component will command a premium, or a discount.
The Risks That Could Derail the Timeline
Several factors could delay or reduce the IPO. Market conditions remain unpredictable: a sustained crypto downturn or a broader IPO market freeze could push the timeline into 2027. Regulatory scrutiny is another variable. While Maya operates under BSP supervision, US-listed companies with crypto trading features face additional disclosure requirements and potential SEC attention.
There is also the question of profitability. Maya has not publicly released audited financials, and the 15% savings rate it offers to attract depositors suggests the company is still in growth-over-profit mode. US public-market investors in 2026 are less forgiving of unprofitable fintech than they were during the 2021 SPAC boom.
Maya responded to the Bloomberg report by saying it does not comment on "market speculation" and is currently focused on expanding its digital financial services within the Philippines.
A Template for the Crypto-Embedded Bank
Maya's potential listing is worth watching not because of the dollar amount, but because of what it represents. The first wave of crypto companies to go public (Coinbase in 2021, Marathon Digital, Riot Platforms) were pure-play crypto businesses. The second wave, if Maya is any indication, will be traditional financial services companies that have absorbed crypto as a feature rather than a core identity.
For crypto card users globally, this evolution matters. It suggests that the future of spending crypto is less likely to come from standalone card programs and more likely to arrive through mainstream banking apps that treat crypto as one tab among many: savings, loans, cards, and digital assets all under one roof. Whether that is a good thing depends on how much control users are willing to trade for convenience.
FAQ
Is Maya a crypto company? Not primarily. Maya is a licensed digital bank in the Philippines that offers in-app crypto trading as one feature among savings accounts, loans, and card products. It operates under the Bangko Sentral ng Pilipinas as a registered virtual asset service provider.
When will the Maya IPO happen? As of February 2026, the company is working with advisers and the listing could happen as early as this year. However, both the timeline and the target raise amount ($500M to $1B) are subject to change based on market conditions.
Does Maya offer a crypto debit card? Maya provides debit and credit card products within its banking app, but the cards function as traditional bank cards rather than dedicated crypto cards that auto-convert digital assets at the point of sale. Crypto trading and card spending are separate features within the app.
Who are Maya's major investors? Maya is backed by KKR, Tencent Holdings, and the World Bank's International Finance Corporation, among others. Its parent company Voyager Innovations is a subsidiary of PLDT, the Philippines' largest telecom company.
Overview
Maya, the Philippine digital bank with 5.4 million customers, is exploring a US IPO of up to $1 billion. Backed by KKR, Tencent, and the World Bank's IFC, the company has built an all-in-one financial app that includes savings, loans, card products, and regulated crypto trading. A successful listing would mark one of the largest Southeast Asian fintech IPOs in the US and could set a precedent for traditional banks with embedded crypto features going public. The timeline remains uncertain, with both market conditions and regulatory factors potentially affecting the deal.
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