NextPay听raises $1.6M to develop digital banking solutions听for MSMEs
贵颈苍补苍肠颈补濒听迟别肠丑苍辞濒辞驳测听蝉迟补谤迟耻辫听听raised $1.6 million in its new round of seed funding, which was led by Golden Gate Ventures, a Singapore-based venture capital firm; and Gentree Fund, a private investment vehicle of the Sy Family, which owns Filipino conglomerate SM Group.听听听听
The funds听will be used听to develop digital banking solutions for micro, small, and medium enterprises (MSMEs), allowing them access to financial services听such as听digital invoicing, cash management, and batch payments to听local听banks听or e-wallets.听
鈥淲e believe that business banking will continue to digitally evolve, as the Philippines accelerates its digital transformation initiatives,鈥 said Don听Pansacola,听NextPay听chief executive officer and co-founder, in a statement听on Wednesday. 鈥淭his investment supports our goal of putting the power of big banks in the hands of small businesses.鈥澨听
Other investors include Tribe Capital;听Broadhaven Ventures;听Ayala Group鈥檚 Kickstart Ventures;听Lisa Gokongwei-Cheng of JG Summit;听Rohit Mulani of听GoTrade;听and Goodwater Capital, which has invested in Facebook, Spotify, and Twitter.听听
鈥淣extPay听uniquely addresses the local needs of its customers by matching SMEs looking to go digital with mobile and convenient digital financial tools, which scales dynamically with their businesses,鈥 said Mark Sng, Gentree Fund vice-president.听听
The fundraiser adds to the $125,000 pre-seed investment the startup received after graduating from the Y-Combinator program in April. Since its launch听in 2020,听NextPay听has processed $9.1 million (P457.5 million) in digital transactions for more than 100 businesses. 鈥斕Bront毛 H. Lacsamana听
