Sy family-backed fintech firm notches ₱1-B transaction volume in 2021

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Metro Manila (CNN Philippines, January 25) — Homegrown financial technology startup NextPay, which previously secured financial backing from Filipino billionaires, is seeking to raise fresh funds this year after hitting the ₱1-billion mark in transaction volume last year.

In a statement Tuesday, NextPay said it is eyeing to launch fundraising activities within the first semester as it hopes to keep the strong momentum witnessed in 2021. The firm did not disclose its fundraising target.

"We are optimistic about the opportunities for the year 2022. As we start the next round of fundraising this year, we remain committed to providing big banking services to small businesses," NextPay Chief Experience Officer and Co-Founder Aldrich Tan was quoted as saying in the statement.

Tan said proceeds from the new funding round would be used to expand its offerings and "explore high-growth areas of trade financing, corporate cards, and cryptocurrency services".

Currently, NextPay provides digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.

Last year, NextPay raised $1.9 million, almost doubling from its $1-million target investments. The amount includes the pre-seed backing from Silicon Valley-based startup accelerator Y Combinator.

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The Sy Family's venture capitalist Golden Gate Ventures also led the seed financing round. Local investors including Ayala Group's Kickstart Ventures and Lisa Gokongwei of JG Summit also participated in the funding exercise.