NextPay, a digital platform that offers entrepreneurs banking solutions, has raised US$1.6 million (over P80 million) in seed funding.
Singapore-based venture capitalist Golden Gate Ventures and Gentree Fund led the oversubscribed seed financing round.
Other foreign investors that participated in the seed funding round are Tribe Capital, Broadhaven Ventures, 1982 Ventures, Saison Capital, and Razorpay, Rohit Mulani of GoTrade, and Abhinay Peddisetty and Chinmay Chauhan of BukuWarung. and Goodwater Capital also supported the funding exercise.
Locally, NextPay’s seed funding was backed by Kickstart Ventures of the Ayala Group, Foxmont Capital, and First Asia Ventures, as well as angel investor Lisa Gokongwei of JG Summit, among many others.
The funds will be used to grow NextPay’s suite of services, expand its strong customer base, and introduce new digital banking solutions to micro, small, and medium enterprises (MSMEs).
NextPay had previously graduated from the Y-Combinator programme in April where it received US$125,000 in pre-seed investment.
The platform provides underserved customers democratised access to easy and affordable financial services such as digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.
Since its launch in 2020, NextPay is said to have processed over US$9.1 million (over P457.5 million) in digital transactions for more than 100 businesses with over 3500 employees.
“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,”
said Don Pansacola, Chief Executive Officer and Co-Founder of NextPay.
Featured image: NextPay’s founders
