Key Insights:
- Maya’s US IPO could raise to $1B, pending a review of terms and structure by advisers.
- Later in 2024, the digital bank had 5.4M users and issued $1.2B loans.
- Cryptocurrency trading is offered, but the revenue share amount is not disclosed.
Maya’s US IPO discussions are underway as the Philippine financial-technology company evaluates a potential public listing in the United States that could raise between $500 million and $1 billion.
Maya’s US IPO Considered as U.S. Markets Rebound
The deliberations place the digital banking platform among a growing number of Southeast Asian companies exploring overseas exchanges to access larger capital pools.
According to Bloomberg, the company has been collaborating with advisers regarding the possible deal. Still, the final decision has not been made yet, and the terms are subject to further change.
Moreover, a U.S. listing would position Maya alongside regional peers that are weighing foreign venues amid a gradual reopening of the American initial public offering market.
The potential Maya US IPO comes as U.S. equity issuance activity shows signs of recovery following several years of subdued technology listings. According to Renaissance Capital, 202 U.S. IPOs raised approximately $44 billion in 2025, marking a four-year high in deal count.
On a global scale, 1,293 IPOs raised roughly $171 billion in proceeds last year, a 39% year-over-year increase, according to EY. Additionally, Maya joins other Philippine and regional firms assessing foreign listings. Philippine fast food operator Jollibee Foods has outlined plans to list its international business in the United States. Meanwhile, other Southeast Asian companies are considering share sales in Hong Kong.
Digital Banking Operations and Customer Base
Maya operates a full-service digital banking platform under a license from the Bangko Sentral ng Pilipinas, the Philippines’ central bank. As of 2024, Maya had 5.4 million customers for its digital bank. In the same year, it paid out 68 billion Philippine pesos, approximately $1.2 billion, in loans.
Additionally, Maya has about 70% of its customer base outside Metro Manila, underscoring the need to expand its digital banking operations beyond the Capital Region. The company’s lending model uses transaction data and artificial intelligence to assess borrowers without collateral using credit scoring.
Cryptocurrency Trading Business and IPO Investment Framework
In addition to the conventional digital banking platform, Maya facilitates in-app cryptocurrency trading within a regulated framework as a virtual asset service provider. The platform allows users to access such digital assets as Bitcoin and Ethereum.
The company has not disclosed the share of revenue or transaction volume attributable to its cryptocurrency segment. Some users of Maya’s digital wallet and banking app have reported intermittent difficulties executing crypto trades during periods of sharp price increases.
According to user accounts, certain tokens’ “Buy” and “Sell” buttons have at times appeared disabled or “grayed out” during heightened market volatility. However, Maya has not publicly detailed the operational reasons for those reported interruptions. The crypto trading feature remains integrated within the broader digital banking application.
The proposed Maya U.S. IPO is part of a broader trend of Southeast Asian firms seeking to list their stocks to tap new bases of international investors. Its parent company includes the Philippine telecommunications firm PLDT. Other investors include private equity firm KKR, Chinese technology group Tencent, and the International Finance Corporation, a member of the World Bank Group.
The company has not released updated valuation figures in connection with the reported Maya US IPO considerations. Details regarding proposed pricing, share structure, or exchange selection have not been publicly disclosed.
Market Environment and Timing
The reopening of U.S. capital markets for technology and fintech issuers provides the broader backdrop for the Maya US IPO evaluation.
After a period marked by lower issuance volumes, 2025 saw increased listing activity, though investors have maintained heightened scrutiny over profitability, growth metrics, and regulatory compliance.
Globally, IPO proceeds rose 39% year over year in 2025, according to EY data, reflecting renewed investor participation across regions.
