Homegrown fintech startup NextPay has raised $1.6 million (over P80 million) in seed funding from international and local investors.
Singapore-based venture capitalist Golden Gate Ventures and Gentree Fund led the oversubscribed seed financing round. Golden Gate Ventures has interests in digital leaders Omise, Codapay, BukuWarung, Stripe, and Xendit, while Gentree Fund is a private investment vehicle of the Sy Family, which owns Filipino conglomerate SM Group.
Among other foreign investors that participated in the seed funding round are Tribe Capital, Broadhaven Ventures, 1982 Ventures, Saison Capital, and Razorpay, Rohit Mulani of GoTrade, and Abhinay Peddisetty and Chinmay Chauhan of BukuWarung. Goodwater Capital, which has invested in Facebook, Spotify, and Twitter, also supported the funding exercise.
Locally, NextPay’s seed funding was backed by Kickstart Ventures of the Ayala Group, Foxmont Capital, and First Asia Ventures, as well as angel investor Lisa Gokongwei of JG Summit, among many others
Proceeds of the seed funding will be used to grow NextPay’s suite of services, expand its strong customer base, and introduce new digital banking solutions to micro, small, and medium enterprises (MSMEs).
