PHL startups Enstack, Netbank, Xpress cited in Forbes Asia’s 100 to Watch list

THREE PHILIPPINE STARTUPS were cited in the 2025 edition of Forbes Asia’s 100 to Watch list, which features rising small companies across the Asia-Pacific region.

The list, now in its fifth annual edition, included Philippine companies namely e-commerce and retail management app Enstack, banking solutions provider Netbank, Inc., and ride-hailing startup Xpress Super App.

“The 100 to Watch list offers a window into the vibrant world of startups and small companies in the Asia-Pacific region,” Forbes Asia said in a statement on Tuesday.

Founded in 2021, Enstack offers an artificial intelligence (AI)-assisted app that helps small and mid-sized businesses design web stores, write product blurbs, manage invoices and payments, ship packages, and track inventory.

The company, which expanded to Thailand this year, has raised $3 million in total funding from a range of backers, including Xendit, Mangrove Capital Partners, BlackPine, and Unifier Ventures.

Netbank provides digital financial services, including loan management, payments, and disbursements, after acquiring a rural bank in 2019. Its clients include Smart Money, TikTok, and Lazada. It is backed by Beenext and Kaya Founders.

For the first half, Netbank posted a P22.2-million net profit ($390,000), a turnaround from the P34.9-million loss a year earlier, driven by loan growth and higher deposits.

Xpress, established in 2022, offers ride-hailing, delivery, and courier services. The company plans to add flight and ferry bookings, reservations for activities, and a digital payment option. It was co-founded by PJ Lhuillier Group President and Chief Executive Officer Jean Henri D. Lhuillier and AppFactorie founder Nathan Taylor.

In May, Xpress launched 40 BYD electric and hybrid vehicles for hire, with plans to further expand its green fleet. The Xpress app has over 100,000 downloads on Google Play, while a separate app for its driver community has over 10,000 installs.

Forbes Asia Editorial Director Rana Wehbe Watson said the 100 startups on the list have raised a total of nearly $3 billion in funding to date.

“Our fifth annual Forbes Asia 100 to Watch list showcases a range of innovative startups in fields including biotech, spacetech and green tech. They are utilizing advanced technologies like AI to enhance their products, which include gene-editing tools and propulsion systems for spacecraft,” Ms. Watson said.

The 100 to Watch list covered 16 countries and territories in Asia-Pacific, led by India with 18 companies, followed by Singapore and Japan with 14 each, China with nine, Indonesia and South Korea with eight each, and Australia with seven.

Biotechnology and healthcare accounted for the largest share among sectors with 18 companies, followed by enterprise technology and robotics with 16 each.

For the selection of companies in the list, Forbes Asia solicited online submissions and invited accelerators, incubators, universities, venture capitalists, and others to nominate companies.

To qualify, companies must be based in the Asia-Pacific region, be privately owned for-profit ventures, and have no more than $50 million in annual revenue and no more than $100 million in total funding as of Aug. 15. — Revin Mikhael D. Ochave