LOCAL financial technology startup NextPay has reached the P1-billion volume mark in 2021, backed by digital transactions of small businesses.

“Invoice payments, employee salaries, and vendor payments were the main drivers for this milestone, backed by a customer base that has grown by roughly 20 times over the last 12 months,” NextPay said in a statement.

The startup was launched in 2020 with services geared for a market that includes entrepreneurs, and freelancers.

NextPay’s customer market also includes small and medium enterprises in industries such as consumer goods, technology, healthcare, investment management, automotive, e-commerce, and agriculture, among others.

Its services include digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.

The company also launched online-to-offline disbursements through remittance centers.

NextPay raised $1.9 million in funding in 2021. This includes the pre-seed backing of Silicon Valley-based startup accelerator Y Combinator. Meanwhile, the seed funding round was led by Singapore-based Golden Gate Ventures and Sy-led 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,” NextPay Chief Executive Officer and Co-Founder Don Pansacola said.

NextPay is eyeing more fundraising activities in 2022, it said.

“We aim to introduce more flexible disbursement options, as well as explore high-growth areas of trade financing, corporate cards, and cryptocurrency services,” NextPay Chief Experience Officer and Co-Founder Aldrich Tan said. — LWTN