Homegrown fintech startup NextPay has surpassed the P1-billion mark in terms of total transaction volume in 2021. Invoice payments, employee salaries, and vendor payments were the main drivers for this milestone.
NextPay’s customer base has grown by roughly 20 times over the last 12 months. NextPay’s customers include small and medium enterprises (SMEs) and businesses in consumer goods, technology, healthcare, investment management, automotive, e-commerce, and agriculture industries.
“The year 2021 was a banner year for NextPay. From being part of the prestigious Y Combinator Program and successfully closing an oversubscribed seed funding round, we were able to successfully grow our base and reach the P1-billion mark in total transaction volume,” said Don Pansacola, co-founder and CEO, NextPay. “We expect to persist on a growth path this 2022, as we continue to introduce more innovative financial services that empower growing businesses with big banking solutions.”
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Last year, NextPay raised a total of $1.9 million, twice as much as its target of raising $1 million in total investments for 2021. The amount includes the pre-seed backing of Silicon Valley-based startup accelerator Y Combinator and the seed funding round that was led by Singapore-based venture capitalist Golden Gate Ventures and Gentree Fund, a private investment vehicle of the Sy Family, which owns Filipino conglomerate SM Group.
NextPay, launched in 2020 amid the pandemic, provides services to companies, entrepreneurs, and freelancers with a spectrum of digital financial services that were previously unavailable to them because of the steep requirements and high fees that are typically aimed at larger, more developed companies that can afford them.
NextPay provides its customers access to easy and affordable financial services such as digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.
Last year, the company introduced innovative services like Reusable Payment Links, which allow businesses to collect customer payments easily through a link that allows them to settle with their preferred payment methods. Payment Links was also used for the donation drive for Typhoon Odette last year. As of today, NextPay and its partner organizations were able to raise P1.43 million in total donations for the victims of the typhoon.
Aside from Payment Links, NextPay also introduced online-to-offline (O2O) disbursements through remittance centers to address the growing demand for more digital financial services in the Philippines.
“As we continue to evolve as a fintech startup that addresses the needs of growing businesses, we reaffirm our commitment to further improving our platform through innovation. We aim to introduce more flexible disbursement options, as well as explore high-growth areas of trade financing, corporate cards, and cryptocurrency services,” said Aldrich Tan, co-founder and chief experience officer, NextPay.