Sy family-backed NextPay hit over P1-B transaction volumes last year
NextPay, a homegrown financial technology startup backed by the Sy family and venture capital firms, saw its business soar during the pandemic as it breached the P1-billion mark in transaction volumes last year.
NextPay CEO and cofounder Don Pansacola said 2021 was a “banner year” for the company, whose platform allows small businesses to easily access specialized financial services like digital invoicing, cash management and batch payments to banks and e-wallets.
Pansacola said they were poised to grow further in 2022 as the company prepares for another fundraising round to be rolled out in the first half of the year.
“We are optimistic about the opportunities for the year 2022. As we start the next round of fundraising this year, we remain committed to providing big banking services to small businesses,” Pansacola said in the statement.
“We will continue to innovate this year and introduce more digital financial services to serve the ever evolving needs of our customers,” he added.
Moving forward, the company plans to explore new services catering to “high-growth areas of trade financing, corporate cards and cryptocurrency,” said NextPay chief experience officer and cofounder Aldrich Tan.
“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,” he said in the statement.
NextPay, which was launched in 2020, raised $1.9 million from investors last year.
The amount came from Silicon Valley-based Y Combinator, Singapore-based venture capitalist Golden Gate Ventures and Gentree Fund, a private investment vehicle of the Sys, the family behind conglomerate SM Investments Corp.
New services included reusable payment links, allowing businesses to easily collect customer payments through their preferred settlement channels.
The company’s payment links were also used in the donation drive for Typhoon “Odette” victims last December. NextPay and partner organizations raised P1.43 million in total donations, the statement showed.
