NextPay, a homegrown financial technology startup out of Y Combinator Winter 2021, has processed P3.2 billion in digital transactions in 2022. The company was established in 2020.
NexPay reached a record-high increase of 200+% in user transactions last year compared to the previous year. It also served 3,800 businesses in the platform with more than 32,000 employees and over 10,000 suppliers recorded.
“Our growth momentum has not only solidified our position in the market but has paved the way for a promising Series A funding round in the second half of 2023, indicating a bright future ahead for NextPay,” said Don Pansacola, co-founder and CEO, NextPay.
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NextPay is backed by Sy Family’s Gentree Fund, Ayala Group’s Kickstart Ventures, Silicon Valley-based startup accelerator Y Combinator, Singapore-based VC firm Golden Gate Ventures, and other investors. NextPay is a trusted partner of Empath, Hive Health, KinderCare Baby Worldwide, and Curiosity.
With over 4,200 active users from fast-growing enterprises, NextPay is a simple and straightforward platform where enterprises can do an end-to-end process of financial operations: collecting money, sending money, and managing money in a more accessible and cost-efficient way.
In early 2023, customers are now able to enjoy their latest referral program product feature, allowing them to earn points, and reduce transaction fees. NextPay has also adjusted its payout period from 1x a week to 3x a week.
Users can expect more services underway, such as virtual debit cards (VDCs) for employee reimbursements and corporate online subscriptions, lending and advances with easy accessibility for qualified users, and premium subscription tiers to unlock access to special advanced features.
“The past years have allowed us to grow and provide basic financial services to more Filipinos,” said Aldrich Tan, co-founder and chief experience officer, NextPay. “This year we aim to push the boundaries of the services we provide for small business owners.”