NextPay, a Filipino financial technology startup that graduated from Y Combinator Winter 2021, is looking at raising a Series A funding round in the second half of this year after achieving a significant milestone last year.
In a statement, the fintech startup said its growth momentum has not only solidified its position in the market but has paved the way for a promising Series A funding round in 2023.
The planned fundraising comes as NextPay announced that it processed P3.2 billion in total digital transactions in 2022, a significant milestone since its 2020 launch.
The figure represents an increase of over 200% in user transactions compared to the previous year, serving 3,800 growing businesses on the platform, the company added.
“We take great pride in achieving this significant milestone,” NextPay co-founder and CEO Don Pansacola said. “Our optimism regarding the continuous expansion of digital banking solutions in the Philippines remains unwavering.”
NextPay is a simple and straightforward platform that enables enterprises to process their financial operations in an accessible and cost-efficient way. The platform allows businesses to collect and send money, manage their finances, and perform other financial transactions in a streamlined process.
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.
As the company continues to grow, it is looking for more strategic partners to further its mission of providing accessible and innovative financing services to underserved markets.
The startup also recently introduced a referral program product feature that allows customers to earn points and reduce transaction fees. The platform has also adjusted its payout period from 1x a week to 3x a week, making it much easier and better for NextPay merchants.
The company plans to offer more services in the future, 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 given us the opportunity to grow and provide basic financial services to more Filipinos, this year we aim to push the boundaries of the services we provide for small business owners,” said Aldrich Tan, NextPay’s co-founder and chief experience officer.
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