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Metro Manila (CNN Philippines, July 29) Filipino billionaires have backed homegrown financial technology startup NextPay in its $1.6-million (₱80.7 million) investment round.
The Sy Family, which runs SM Investments Corp., led the oversubscribed seed financing round through its private investment vehicle Gentree Fund, together with Singapore-based venture capitalist Golden Gate Ventures.
Local investors, including Ayala Group s Kickstart Ventures and Lisa Gokongwei of JG Summit, also participated in the financing round.
Other investors were 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.
BusinessWorld
July 29, 2021 | 12:00 am
FILIPINO fintech startup NextPay raised $1.6 million from a new round of seed funding led by Golden Gate Ventures, a Singapore-based venture capital firm, and Gentree Fund, the private investment vehicle of the Sy family, which owns the SM Group.
NextPay, which was launched during the pandemic in 2020, plans to use the funds to develop more digital banking solutions for its growing customer base of entrepreneurs, freelancers, and micro, small, and medium enterprises (MSMEs). It aims to provide access to financial services like digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines.
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.
PH s biz tycoons pitch in for fintech startup s $1 6M funding cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.