FILIPINO-OWNED NextPay has achieved an impressive milestone of processing P3.2 billion in digital transactions in 2022, a record-high increase of over 200 percent compared to the previous year.
This homegrown financial technology start-up out of Y Combinator Winter 2021, likewise, has served 3,800 growing businesses in the platform with more than 32,000 employees and over 10,000 suppliers recorded since its launch in 2020.
“We take great pride in achieving this significant milestone, which not only showcases NextPay’s remarkable success but also underscores the success of SMEs (small and medium enterprises) in the Philippines. Our optimism regarding the continuous expansion of digital banking solutions in the Philippines remains unwavering,” said NextPay Cofounder and Chief Executive Officer Don Pansacola.
With 4,200 plus active users from fast-growing enterprises, this simple and straightforward platform offers them an end-to-end process of financial operations, from collecting to sending and managing money, in a more accessible and cost-efficient way.
Early this year, customers started to enjoy the latest referral program product feature, allowing them to earn points, and reduce transaction fees. In addition, NextPay has also adjusted their payout period from one to three times weekly, making the processes much easier and better for merchants.
More services are underway, such as virtual debit cards 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 NextPay Cofounder and Chief Experience Officer Aldrich Tan.
“NextPay is glad to deliver and simplify banking services to keep up with the trend of digital banking and transactions, empowering businesses and entrepreneurs so they can focus on doing what’s next,” added NextPay Cofounder and Chief Operations Officer Artie Lopez.
The company is backed by Sy Family’s Gentree Fund, Ayala Group’s Kickstart Ventures, Silicon Valley-based start-up accelerator Y Combinator, Singapore-based VC firm Golden Gate Ventures, and other investors. Also, it’s a trusted partner of Empath, Hive Health, KinderCare Baby Worldwide, and Curiosity.
With its constant breaking records, NextPay is inviting more strategic partners to further its mission of giving accessible and innovative financing services to underserved markets.
“Our growth momentum has not only solidified our position in the market but has paved the way for a promising Series A funding round in the second half of 2023, indicating a bright future ahead for NextPay,” Pansacola said.
