NextPay, a homegrown financial technology startup backed by the Sy family and the Ayala Group, is expanding its digital payment solutions by offering Email Money that allows users to transfer money to any bank or e-wallet without the need for the recipient’s account details.
“We are giving our 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 NextPay chief executive and co-founder Don Pansacola.
He said with Email Money, NextPay provides growing businesses with greater convenience when transferring funds, paying suppliers or customers by removing the need to collect and manage their recipient’s bank details.
The new service also 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.
“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,” said NextPay chief experience officer and co-founder Aldrich Tan.
Email Money is one of the digital banking solutions that NextPay developed through the $1.9-million funds that it raised from its pre-seed and seed funding rounds last year, which were led by Silicon Valley-based startup accelerator Y Combinator, Singapore-based venture capitalist Golden Gate Ventures and Gentree Fund, a private investment vehicle of the Sy Family of the SM Group conglomerate.
NextPay expects to ride the growth momentum after recording remarkable growth in 2021, surpassing P1 billion in total transaction volume and growing its customer base by 20 times last year.
NextPay plans to introduce more financial tools and services tailored for MSMEs this year, including cryptocurrency services, bills payment lending and corporate cards.