NextPay, a homegrown financial technology startup out of Y Combinator Winter 2021, reported a significant milestone of processing P3.2 billion in digital transactions in 2022 since its 2020 launch.
In a statement, the company said that the said milestone has a record-high increase of over 200 percent increase in user transactions in 2022 versus the previous year and has served 3,800 growing businesses in the platform with more than 32,000 employees and over 10,000 suppliers recorded.
Don Pansacola, co-founder and Chief Executive Officer, NextPay said, “We take great pride in achieving this significant milestone, which not only showcases NextPay's remarkable success but also underscores the success of SMEs in the Philippines. Our optimism regarding the continuous expansion of digital banking solutions in the Philippines remains unwavering."
As NextPay continues to break records, NextPay said it is seeking to invite more strategic partners to further its mission of providing 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 explained.
With over 4,200 active users from fast-growing enterprises, NextPay is a simple and straightforward platform where enterprises can do an end-to-end process of financial operations—collecting money, sending money, and managing money in a more accessible and cost-efficient way.
In early 2023, customers are now able to enjoy their latest referral program product feature, allowing them to earn points, and reduce transaction fees.
In addition, NextPay has also adjusted their payout period from 1x a week to 3x a week, making the processes much easier and better for NextPay merchants.
Users can expect more services underway, 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, Co-founder and Chief Experience Officer, NextPay.
Co-founder and Chief Operations Officer, Artie Lopez added, "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."
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. NextPay is a trusted partner of Empath, Hive Health, KinderCare Baby Worldwide, and Curiosity.