Philippine’s NextPay reaches P3.2b transactions volume in 2022

The company is also looking forward to a Series A funding round in the second half of 2023.

Philippine-based payment solutions, NextPay, said it reached a milestone of processing P3.2b (US$58.9b) worth of digital transactions in 2022.

This is above 200% year-on-year (YoY) growth in user transactions compared with 2021.

In total, NextPay handled 3,800 businesses through their platform with over 32,000 employees and more than 10,000 suppliers on record.

NextPay vision is to create more strategic partnerships for an accessible and innovative financial service to underserved segments.

“Our growth momentum has not only solidified our position in the market but has paved the way for a promising Series A funding round in the second half of 2023, indicating a bright future ahead for NextPay,” Don Pansacola, Co-founder and Chief Executive Officer, NextPay said.

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The latest development from NextPay is customers can enjoy their referral program product feature. This grants them an opportunity to earn points and minimise transaction fees.

The payout period was also adjusted from once a week to three times a week, allowing an easier and breathable scheme for NextPay merchants.

NextPay is supported by Sy Family’s Gentree Fund,  Ayala Group’s Kickstart Ventures, Silicon Valley-based startup accelerator Y Combinator, Singapore-based VC firm Golden Gate Ventures, and other investors. NextPay is also a trusted partner of Empath, Hive Health, KinderCare Baby Worldwide, and Curiosity.

(PHP1 = US$0.018)