MANILA -NextPay, a homegrown financial technology platform backed by the country’s biggest conglomerates, is pitching its end-to-end digital financial operation solutions to prospective non-profit organization clients.
In a statement on Tuesday, the local startup said these organizations could leverage its platform to make accounting and bookkeeping of financial records more efficient. They can also use the platform for their fee collection and fundraising activities.
“We believe that NextPay is more than just an all-in-one financial tool for growing businesses in the Philippines. Simplifying fundraising and fund management also allows non-profit organizations to focus on their humanitarian and social projects,” NextPay CEO and co-founder Don Pansacola said.
NextPay founders Aldrich Tan (left) and Dan Pansacola. CONTRIBUTED PHOTO
Automating the payment process means donors and members do not need to provide screenshots as evidence for the transaction. Instead, a text message and e-mail notification will be sent to both NGOs and involved parties about the donation or fee collection.
Payments can be done through QR (quick response) codes and other modes like e-wallets, direct debit, credit card and bank transfer.
So far, NextPay has processed P21.5 million worth of transactions for non-profit organizations.
The fintech company said its platform could also be used by the non-profit groups to pay their suppliers, distribute employee salaries and disburse funds to beneficiaries.
“Far more than helping your typical growing business, assisting non-profit organizations is aligned with our goal of supporting the promotion of inclusive growth in the country,” NextPay chief experience officer and co-founder Aldrich Tan said.
Prior to this, NextPay also extended services to the independent medical practice market, which includes practitioners engaged in telemedicine.
The company offers digital ledgers where users can monitor their transactions to better manage their finances, in addition to payment solutions.
The fintech platform previously shared its plans to secure a virtual asset services provider (VASP) license from the Bangko Sentral ng Pilipinas to pave the way for its entry into cryptocurrency.
VASP is an entity that facilitates the transfer or exchange of virtual assets, which are digital units that can be traded online and be used for payment or investment purposes.
NextPay is backed by Silicon Valley-based startup accelerator Y Combinator and Singapore-based venture capital firm Golden Gate Ventures. It is also funded by the Sy, Zobel and Gokongwei families.