This pre-seed investment, NextPay becomes one of the first five Filipino tech start-ups to be backed and selected by global powerhouse Y Combinator, together with Kalibrr (2013), PayMongo (2019), Avion School (2021), and Dashlabs.ai (2021). Y Combinator is popularly known as the launchpad of many iconic startups such as Airbnb, Dropbox, Stripe, and Twitch, among many others. NextPay puts the power of big banks in the hands of small businesses. The platform gives growing companies access to easy and affordable financial services such as digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines. The 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. This funding round from Y Combinator allows us to scale even faster to bring digital financial services closer to MSMEs.
Through the $125,000 investment from Y Combinator, the NextPay founders want to leverage their previous experience working in “unicorn” companies to expand their line of digital banking services. Their plans include new digital solutions for payments, credit, and personal cash management. Since its launch in 2020, NextPay has processed over USD $2.5 million (PHP 120 million) in digital transactions for more than 100 businesses—and is quickly growing. Customers of NextPay can enjoy reduced processing times from as much as 3 days to just 30 minutes. NextPay is positioning to enable more businesses, entrepreneurs, and freelancers to centralize all their financial requirements through one easy-to-use, affordable, and inclusive platform.