1982 Ventures backs NextPay, Philippines' first neobanking platform for businesses and entrepreneurs
NextPay Founders: Don Pansacola and Aldrich Tan. NextPay is the Philippines' first neobank for businesses.
1982 Ventures backs NextPay – Philippine-based fintech startup NextPay, an all-in-one digital banking solutions provider has raised USD $1.6 million in seed funding from leading funds and prominent angel investors.
- NextPay raises $1.6 million from 1982 Ventures, Gentree Fund (private investment vehicle of Filipino conglomerate SM Group), Golden Gate Ventures, Goodwater Capital, Tribe Capital, Saison Capital, Razorpay, Broadhaven Ventures, Kickstart Ventures, Lisa Gokongwei of JG Summit, Rohit Mulani of GoTrade and the founders of BukuWarung.
- NextPay graduated from Y-Combinator in April 2021
- NextPay will use the funds to accelerate the development of new digital financial tools and services tailored to the needs of micro, small and medium enterprises in the Philippines.
NextPay, Philippines’ first neobanking platform that provides underserved business customers access to easy and affordable financial services such as digital invoicing, cash management and batch payments to any bank or e-wallet. Golden Gate Ventures and Gentree Fund led the oversubscribed seed round with 1982 Ventures, Goodwater Capital, Tribe Capital, Broadhaven Ventures, Saison Capital, Razorpay, Rohit Mulani of GoTrade, and the founder of BukuWaring. Philippine-based investors include Kickstart VEntures of the Ayala Group, Foxmont Capital, First Asia Ventures and angel investors Lisa Gokongwei of JG Summit among others. Don Pansacola, Chief-Executive-Officer and Co-Founder, of NextPay stated, “We believe that business banking will continue will 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.” Since its launch in 2020, NextPay has processed over $20 million in digital transactions for more than 100 businesses with over 3500 employees. Through its pay-per-use model. NextPay offers competitive fees that are lower than usual banking rates. Customers also enjoy reduced processing times from as much as 3 days to just 30 minutes or less.
Scott Krivokopich, Managing Partner, of 1982 Ventures stated “Fintech in the Philippines is still at an early stage. Despite having easy access to the internet, the country’s digital financial services are still limited. NextPay aims to be an alternative against incumbent solutions to bring the country forward, towards a more financially inclusive economy” NextPay empowers growing companies, entrepreneurs, and freelancers with a spectrum of digital financial services that were previously unavailable to them because of the steep requirements and high fees that are typically aimed at larger, more developed companies that can afford them. Herston Powers, Managing Partner, of 1982 Ventures stated “Having the right tools for any SMEs or entrepreneur is critical to success. By providing convenient and scalable solutions empowers businesses. NextPay is supporting a new generation of entrepreneurs for the country's emerging startup ecosystem.” Proceeds of the seed funding will be used to grow NextPay’s suite of services, expand its strong customer base, and introduce new digital banking solutions to micro, small, and medium enterprises (MSMEs).
NextPay is the best alternative to bank accounts for small businesses and entrepreneurs in the Philippines. Through the platform, companies can collect customer payments via digital invoices, manage their cash, and pay their employees, suppliers, or bills in batches to any bank or e-wallet.
Special thanks to James Conde for his assistance in putting this piece together.Contact for inquiries
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