The Fintech digital platform Nextpay announced a increase of $1.6 million in seed funding round Singapore-based venture capitalist Golden Gate Ventures and Gentree Fund led the oversubscribed seed financing round.
The Chief Executive Officer and co-founder of NextPay Don Pansacola said:
“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,”
The Vice President of Gentree, Mark Sng said:
“NextPay uniquely addresses the local needs of its customers by matching SMEs looking to go digital with mobile and convenient digital financial tools…Gentree believes that NextPay will play a key role in supporting our entrepreneurs and enabling the Philippines digital economy.”
The amount raised in the seed funding will be used in improving suite of services, expand its strong customer base, and introduce new digital banking solutions to MSMEs, which will help the company to accelerate the plan to introduce better digital banking solutions.
The startup will provide underserved customers democratised access to easy and affordable financial services such as cash management, digital invoicing and batch payments to any bank or e-wallet in the Philippines.
Since its takeoff in 2020, NextPay has processed over $9.1 million in digital transactions for more than 100 businesses with over 3500 employees.
