Fintech firm backed by Sys, Ayalas, Gokongwei cross P1B in transactions in 2021
Technology

Fintech firm backed by Sys, Ayalas, Gokongwei cross P1B in transactions in 2021

Filipino-owned NextPay said the value of its transactions breached the P1 billion mark last year, driven by invoice payments, employee salaries and vendor payments.

Syblings, Ayalas, Lisa Gokongwei invest in fintech firm NextPay

Also contributing to the growth was its expanding customer base which increased 20-fold in the past 12 months.

“From being part of the prestigious Y Combinator Program and successfully closing an oversubscribed seed funding round, we were able to successfully grow our base and reach the P1-billion mark in total transaction volume,” said NextPay CEO and co-founder Don Pansacola.

Launched in 2020, NextPay raised $1.9 million last year from investors which included the Sy family’s Gentree Fund, Singapore-based Golden Gate Ventures, Kickstart Ventures of the Ayala Group, angel investor Lisa Gokongwei, Foxmont Capital, and First Asia Ventures.

NextPay expects to sustain its growth this year as it rolls out more innovative financial services that empower growing businesses with big banking solutions.

It intends to launch fundraising activities within the first half.

“We are optimistic about the opportunities for the year 2022. As we start the next round of fundraising this year, we remain committed to providing big banking services to small businesses. We will continue to innovate this year and introduce more digital financial services to serve the ever-evolving needs of our customers,” Pansacola said.

 

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