This Startup Is Offering a Faster, Easier Way to Raise Funds and Accept Donations
A fintech startup has introduced a new way to raise funds and accept monetary donations through its platform. The service is especially targeted to non-government organizations (NGOs).
NextPay, a homegrown fintech platform backed by the Sy, Gokongwei, and Ayala families, said it enables NGOs to streamline their collection and fundraising processes. These NGOs and other humanitarian organizations can now digitally transform these processes, allowing them to collect, manage, and send money to beneficiaries with ease.
Using NextPay’s single QR code or Payment Link, NGOs can now accept donations from different payment methods: e-wallets, direct debit, credit card or bank transfer. Donors may also opt for flexible installment payments and still conduct over-the-counter transactions.
Through the platform, humanitarian organizations may also use NextPay to pay their suppliers, disburse funds directly to beneficiaries in batches, and distribute their employees’ salaries.
“We believe that NextPay is more than just an all-in-one financial tool for growing businesses in the Philippines,” said Nextpay CEO and co-founder Dan Pansacola. “Simplifying fundraising and fund management also allows non-profit organizations to focus on their humanitarian and social projects.”
Digitizing payments, accounting and bookkeeping allows NGOs to become more efficient, Pansacola added. Apart from crisis-related donation drives, the process plays a vital role in maintaining the continuity of their day-to-day operations, programs, and initiatives.
Since introducing the process for its not-for-profit clients a few months ago, NextPay says it has processed as much as P21.5 million from over 1,500 transactions.
“Far more than helping your typical growing business, assisting non-profit organizations is aligned with our goal of supporting the promotion of inclusive growth in the country,” NextPay Chief Experience Officer and co-founder Aldrich Tan said.
Tan added that NextPay’s automation reduces friction between donors and beneficiaries, as donors and members don’t need to provide screenshots as payment evidence. This is because both donors and collectors receive an SMS and an e-mail notification as proof of payment for every transaction. The platform also provides a digital ledger that allows them to keep track of their financial transactions.
NextPay is a startup backed by Silicon Valley-based startup accelerator Y Combinator, Singapore-based VC firm Golden Gate Ventures, the Ayala Group’s Kickstart, and Gentree Fund, the private investment vehicle of the Sy Family of the SM Group, and other investors.