Financial transaction

Sy Family Backed NextPay Surpassed P1-B Transaction Volumes Last Year

NextPay, a local fintech startup backed by the Sy family and venture capitalists, has seen its business soar during the pandemic by crossing the 1 billion peso mark in transaction volumes last year.

NextPay CEO and co-founder Don Pansacola said 2021 was a “record year” for the company, whose platform gives small businesses easy access to specialized financial services such as digital invoicing, cash management and batch payments to banks and e-wallets.

Pansacola said they are poised to expand 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 2022. As we enter the next round of fundraising this year, we remain committed to providing great banking services to small businesses,” Pansacola said in the release.

“We will continue to innovate this year and introduce more digital financial services to meet the ever-changing needs of our customers,” he added.

Going forward, the company plans to explore new services aimed at the “high-growth areas of trade finance, corporate cards and cryptocurrency,” said Aldrich Tan, chief experience and co-founder of NextPay.

“As we continue to evolve as a fintech startup that serves the needs of growing businesses, we reaffirm our commitment to further improve our platform through innovation,” he said in the statement.

NextPay, which 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 from Sys, the family behind conglomerate SM Investments Corp.

The new services included reusable payment links, allowing businesses to easily collect payments from customers through their preferred payment channels.

The company’s payment links were also used when collecting donations for the victims of Typhoon “Odette” last December. NextPay and partner organizations raised 1.43 million pesos in total donations, according to the statement.

—Miguel R. Camus INQ

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