Homegrown digital finance platform NextPay raised $1.6 million (roughly P80 million) in a seed funding round led by the Sy family’s Gentree Fund and Singapore-based Golden Gate Ventures.
Other local investors that participated in the round include Kickstart Ventures of the Ayala Group, angel investor Lisa Gokongwei, Foxmont Capital and First Asia Ventures Gokongwei also joined the fundraise.
The foreign investors, on the other hand, comprised Tribe Capital, Broadhaven Ventures, 1982 Ventures, Saison Capital, and Razorpay, Rohit Mulani of GoTrade Abhinay Peddisetty and Chinmay Chauhan of BukuWarung.
Goodwater Capital, which has invested in Facebook, Spotify, and Twitter, also pitched in.
NextPay serves as an alternative to banks that can can collect customer payments via digital invoicing, cash management, and batch payments.
It will use the money to develop a new suite of digital banking solutions for micro, small and medium enterprises.
Since its launch in 2020, NextPay claims to have processed over $9.1 million (over P457.5 million) in digital transactions for more than 100 businesses with over 3,500 employees.