Philippine fintech platform NextPay announced on Monday, March 22, it had secured $125,000 worth of pre-seed backing from Silicon Valley’s Y Combinator.
The firm is among 5 companies in the Philippines to have received investments from the startup accelerator, joining Kalibrr, PayMongo, Avion School, and Dashlabs.ai.
Y Combinator has been dubbed as the ‘startup kingmaker’ having helped launch the likes of AirBNB, Dropbox, and Twitch, to name a few.
NextPay is a digital platform that lets entrepreneurs facilitate customer payments, manage company finances, and pay various expenses.
“Our goal is to empower smaller businesses with a spectrum of banking 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,” said NextPay CEO and co-founder Don Pansacola.
NextPay aims to use the investment to scale up and expand its line of digital banking services. These include plans for new digital solutions for payments, credit, and personal cash management.
“We plan to introduce more payment acceptance methods, virtual credit cards, and other digital solutions that enable businesses to manage their cash flow and alleviate the bottlenecks of the Philippine financial landscape. We will also partner with human resource and accounting software companies to further streamline the financial operations of a growing company,” Pansacola added.
The platform has reportedly processed over $2.5 million or P120 million in digital transactions since officially launching last year. – Rappler.com