BillEase, a consumer finance and buy now pay later app, recorded $57 million in revenue in 2023, double that of the previous year. The unaudited financial report for 2023 also revealed a net income of $7 million, achieved after serving over 800,000 customers.
BillEase also recorded a Return on Equity (ROE) of 47%, outperforming traditional banks in the Philippines which typically have ROEs ranging from 5% to 15%.
“Our success in 2023 can be attributed to three key factors: offering a top-priority product for our customers — lending with good terms, building long-term relationships with our partners and customers, and maintaining efficient operations and risk management,” said Georg Steiger, CEO and co-founder, BillEase.
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Steiger is optimistic about the future, outlining plans to strengthen the team with senior roles, introduce innovative financial products, and leverage artificial intelligence to enhance operations.
As part of its ambitious growth trajectory, BillEase is actively pursuing a Series C equity financing round to accelerate the expansion of its consumer loan portfolio. With previous investments totaling $15 million, including a $11 million Series B funding led by BurdaPrincipal Investments.
BillEase’s integration with Alipay+ and partnerships with major payment gateways and aggregators have significantly expanded its merchant network, facilitating over 3x growth from 2022 to 2023. The introduction of a bill payment feature has enhanced customer convenience and flexibility.