₱80 Million in Seed Funding Secured by PH Fintech Startup NextPay

Both international and local investors recently helped Filipino fintech startup NextPay to raise ₱80 million in seed funding to aid in its expansion and development. Among the investors that led the most recent round of financing are the Sy family’s Gentree Fund and Singapore-based Golden Gate Ventures.

According to NextPay, the proceeds from the recently acquired seed funding will go into the expansion of its services and customer base as well as the introduction of new digital banking solutions to micro, small, and medium enterprises (MSMEs).

“We believe that business banking will continue to digitally evolve, as the Philippines accelerates its digital transformation initiatives. This investment supports our goal of putting the power of big banks in the hands of small businesses,” explained NextPay CEO and co-founder Don Pansacola.

Earlier in April, NextPay also received $125,000 in pre-seed investment after it graduated from the “startup accelerator” Y-Combinator program in Silicon Valley.

The startup was launched in 2020 amid the global pandemic. Its platform is aimed at providing easy and affordable access to financial services to underserved customers.

It has processed more than ₱457.5 million in digital transactions for over 100 businesses. The financial services it offers include digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.

Source: GMA News