Fintech startup NextPay eyes bills payment, lending, corporate cards services

Financial technology startup NextPay has announced plans to introduce more financial tools and services tailored for micro, small, and medium enterprises (MSMEs) this year, as it aims to sustain the growth recorded in 2021.

The homegrown firm said it is looking at rolling out bills payment, lending, and corporate card services, along with its earlier announced planned entry into the cryptocurrency industry within the year.

“We will continue to make strides in achieving our goal of putting the power of big banks to growing businesses by constantly pursuing innovation,” NextPay head of growth and co-founder Artie Lopez said in an emailed statement.

The company breached the P1-billion mark in terms of transaction 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.

NextPay has also expanded its digital payment solutions.

Dubbed as Email Money, the service seeks to provide more convenience and add another layer of privacy for smaller firms which use personal bank accounts for their transactions.

The feature requires recipients to confirm their identity through a one-time password, giving them control on the method they would receive the funds. Both sender and receiver will also receive notifications.

“By introducing the country’s first payment service that enables users to transfer money to any bank or ewallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business," NextPay chief executive and co-founder Don Pansacola said.

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. — VBL, GMA News