BillEase, a buy now, pay later (BNPL) startup from the Philippines has raised US$20 million in debt financing from Singapore-based credit provider, Lendable.
The freshly raised funds will be used to expand the company's loan portfolio.
Key Highlights
- The debt financing comes after BillEase raising US$11 million in a series B round during January 2022.
- BillEase which is operated by Philippine-based fintech company First Digital Finance Corporation, offers cardless options for users to borrow up to PHP 40,000 (~US$760).
- According to chief executive officer of First Digital Finance Corporation, Georg Steiger, BillEase now offers low-cost cash loans, e-wallet top-ups to all major wallets like GCash, PayMaya, Coins.ph, GrabPay, and ShopeePay, prepaid mobile load, and gaming credits.
- BillEase is Lendable’s second client in the Philippines and the latter provided US$15 million in debt facility to local online lender Uploan back in April 2021.
History of BillEase
- The startup was founded by former McKinsey & Company executives Huyen Nguyen, Georg Steiger, and Ritche Weekun in 2015.
- BillEase’s target segment is the Philippines’ emerging middle class, particularly the younger generation from Gen Z and millennials.
- BillEase offers merchants customisable installment methods as a mode of payment, with more than 500 partner merchants on board.
- The startup claims to have lower interest rates compared to its competitors.
- Another feature that sets BillEase apart is its credit, fraud and payment software stack, that can approve more than 90% of BNPL loans instantly with a calculation model.
