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Platforms Featured Southeast Asia

NextPay launches new digital payment solution, ‘Email Money’

Manila, Philippines – Philippine-based fintech startup NextPay has expanded its digital payment solutions with the introduction of ‘Email Money’, the first-of-its-kind payment service in the country that allows users to transfer money to any bank or e-wallet without the need for the recipient’s account details – only an email. 

‘Email Money’ is one of the digital banking solutions that NextPay developed through the US$1.9m funds that it has raised from its pre-seed and seed funding rounds in 2021.

The new service adds another layer of privacy, especially for small businesses that use their personal bank accounts for their transactions. It also lessens the instance of human error, as the sender does not need to input long bank account details, reducing the process of manual verification.

To send money via email, the fintech users simply have to choose ‘Email Money’ under the recipient’s receiving option and input the recipient’s email and phone number. Once the transfer has been completed, the recipient will receive an email to notify them of the transaction. Recipients may then choose which bank or eWallet they would like to receive their funds and confirm their identity with a one-time password, giving them full control and flexibility, while allowing them to instantly receive the funds. 

Both the sender and receiver will receive notifications when the funds have been successfully received. If the link remains unopened after the availability period, the funds will be transferred back to the sender’s account.

Don Pansacola, NextPay’s chief executive officer and co-founder, shared that they are giving the customers more options to transfer funds through ‘Email Money’.

“By introducing the country’s first payment service that enables users to transfer money to any bank or e-wallet via email, we are empowering NextPay customers to streamline their financial needs and allow them to focus on growing their business,” said Pansacola.

Meanwhile, Aldrich Tan, NextPay’s chief experience officer and co-founder, said, “We constantly pursue new innovations that are relevant to our target market – the micro, small and medium enterprises. Email Money is a solution fit for businesses that need to process refunds or for those who want to settle their obligations early to finalize their book.”

Artie Lopez, NextPay’s head of growth and co-founder, commented, “We will continue to make strides in achieving our goal of putting the power of big banks to growing businesses by constantly pursuing innovation.”

NextPay plans to introduce more financial tools and services tailored for MSMEs this year, including cryptocurrency services, bills payment, lending, and corporate cards.

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SME Featured Southeast Asia

PH’s NextPay bags US$125K funding for scaling operations among local MSMEs

Manila, Philippines – NextPay, a Philippine-based fintech startup, has secured a US$125K investment funding from startup accelerator Y Combinator, which will be used to expand NextPay’s services further and address the growing problem of financially-underserved businesses in the Philippines. 

Through the investment, NextPay founders aim 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.

“Our 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,” said Don Pansacola, CEO and co-founder at NextPay.

The platform allows small businesses to have the same financial capabilities as large banks, which gives growing companies access to affordable financial services such as digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.

Furthermore, the startup has positioned itself to enable more businesses, entrepreneurs, and freelancers to centralize all their financial requirements through one easy-to-use, affordable, and inclusive platform. 

“We plan to introduce more payment acceptance methods, virtual credit cards, and other digital solutions that enable businesses to manage their cash flow and alleviate the bottlenecks of the Philippine financial landscape. We will also partner with human resource and accounting software companies to further streamline the financial operations of a growing company,” Pansacola added.

According to Aldrich Tan, co-founder and chief experience officer at NextPay, the platform aims to give a wider opportunity among small businesses through accessible digital financial services.

“Through our platform, MSMEs can conduct their transactions seamlessly and allow business owners to free up resources and focus on their operations. This optimization and focus are vital in supporting and strengthening the country’s efforts towards economic recovery,” Tan stated.

Since its launch in 2020, NextPay has processed over US$2.5M (₱120M) in digital transactions for more than 100 businesses. Customers of NextPay can enjoy reduced processing times from as much as 3 days to just 30 minutes. 

“NextPay wants to help the Philippines bounce back. We want to enable growing enterprises to maximize their capital, reach more customers, and generate more jobs and opportunities. This then stimulates economic transactions and creates demand for stronger partnerships. It’s a domino effect, but it starts from having a digital platform like NextPay who empowers MSMEs to thrive and do more,” Pansacola concluded.

NextPay is the fifth Filipino startup to have received funding from Y Combinator, with companies including job searching platform Kalibrr, payment platform PayMongo, edtech Avion School, and laboratory software company Dashlabs.ai.