FINANCIAL technology startup NextPay received $125,000 in funding from Silicon Valley-based Y Combinator, becoming the fifth Filipino startup to receive backing from the accelerator.
The funding will be used to expand its digital solutions for payments, credit, and personal cash management, the company said in a statement on Monday.
The NextPay platform offers small companies digital invoicing, cash management, and batch payment services linked to Philippine banks and digital wallets.
“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,” NextPay Chief Executive Officer and Co-Founder Don Pansacola said.
“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.”
NextPay, he said, will also partner with human resource and accounting software companies to streamline the financial operations of growing firms.
The company has processed $2.5 million or P120 million in digital transactions for over 100 businesses since its launch last year.
Y Combinator has also backed Filipino companies Kalibrr, PayMongo, Avion School, and Dashlabs.ai. Internationally, it has helped launch Airbnb, Dropbox, and Twitch. — Jenina P. Ibanez