Fintech startup NextPay eyes crypto services offering

In a bid to sustain growth after recording P1-billion worth of transactions last year, financial technology startup NextPay is looking to expand its offerings to include cryptocurrency services.

According to NextPay Chief Experience Officer and Co-Founder Aldrich Tan, NextPay is optimistic for 2022 as it explores several key initiatives to drive growth moving forward.

“We aim to introduce more flexible disbursement options, as well as explore high-growth areas of trade financing, corporate cards, and cryptocurrency services,” he said in an emailed statement.

The company breached the P1-billion mark in terms of transactions volume and raised some $1.9 million in 2021, nearly doubling its $1-million investment target for the year.

The investment includes pre-seed backing from Silicon Valley’s Y Combinator, which has also backed local companies Kalibrr, PayMongo, Avion School, and Dashlabs.ai. Investors also include Singaporean venture capitalist Golden Gate, and the Sy family’s private investment vehicle Gentree Fund.

“We expect to persist on a growth path this 2022, as we continue to introduce more innovative financial services that empower growing businesses with big banking solutions,” said Chief Executive Officer and Co-Founder Don Pansacola.

“We will continue to innovate this year and introduce more digital financial services to serve the ever-evolving needs of our customers,” he added.

NextPay said it planned to launch fundraising activities within the first half of the year, but did not elaborate on what types of financing it is looking to tap.

Launched in 2020, the company provides democratized access to financial services such as digital invoicing, cash management, and batch payments to local banks and e-wallets.

It rolled out its reusable payment links service last year, enabling firms to collect customer payments through a link that allows payment settlement through several methods. — DVM, GMA News