Fintech startup NextPay seeks to join popular e-wallets in the crypto race
Another local financial technology (fintech) company is considering joining the cryptocurrency bandwagon given the increased interest in digital assets sparked by the rise of online games to win, including the popular Axie Infinity, and non-fungible tokens.
Local fintech startup NextPay told the Inquirer that it is in the process of obtaining its Virtual Asset Service Provider (VASP) license from Bangko Sentral ng Pilipinas (BSP).
VASP is an entity that facilitates the transfer or exchange of virtual assets, which are digital units that can be traded online or used for payment or investment.
The cryptocurrency service offering will put NextPay in the same league as leading e-wallet service providers GCash and PayMaya, both of which have recently enabled customers to trade virtual assets through their platforms.
“NextPay thoroughly studies the crypto needs of our users. We want to be able to identify the exact pain points that cryptocurrency services would solve for businesses,” Artie Lopez, co-founder and chief growth officer of NextPay, told the Inquirer.
“We are currently exploring the development of crypto services that can complement our suite of digital financial tools that allow our customers to collect, send and manage their finances,” he added.
Open to collaboration
Lopez said the startup is also open to collaborating with other crypto companies that provide an application programming interface and connectivity to accelerate its foray into the crypto space.
“At NextPay, we believe that crypto will play an important role in the future of finance and we want to be one of the early players in the market. By building our infrastructure early, we will be able to respond quickly to their needs in order to that they can continue to grow and evolve,” Lopez said.
Other financial services
Apart from crypto transactions, NextPay also aims to launch bill payment, lending and corporate card services.
The fintech startup has processed transaction volumes worth more than a billion pesos over the past year, due to bill payments, employee salaries and vendor payments. Its customer base has also increased about 20 times over the same period.
Its clients include micro, small, and medium-sized enterprises (MSMEs) across multiple industries such as consumer goods, technology, healthcare, investment management, automotive, e-commerce, and agriculture. The company plans to tap into other segments, including freelancers, social sellers and professionals.
“As the digital banking needs of our customers’ businesses continue to evolve and as we continue to evolve and reach more MSMEs, we at NextPay are committed to further innovation and development of more financial tools and services. to put the power of big banks in the hands of growing businesses,” Lopez said.
Launched in 2020, NextPay is backed by Y Combinator, Gentree Fund, Golden Gate Ventures, Kickstart, 1982 Ventures and Broadhaven. INQ
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