BillEase, a card-free buy now, pay later (BNPL) and consumer finance app in the Philippines, has closed a $20 million debt facility from Lendable, an emerging market credit provide. The new funding adds to the recent $11 million Series B equity raised from BurdaPrincipal Investments, MDI Ventures, and KB Investment, among others, and brings the total fresh funds to $31 million.
“This facility is a further validation of our business and the platform our team has built over the past few years and helps to firmly position BillEase as the leading BNPL brand in the Philippines,” said Georg Steiger, CEO and co-founder of First Digital Finance Corporation (FDFC) which operates the BillEase app. “With Lendable’s support, we will be able to continue the strong growth in customer onboarding and expand our loan portfolio. We share the same focus on creating financing solutions that serve the emerging consumer segment as the Lendable team and we are excited to work with them to further financial inclusion in the Philippines.”
The company is currently offering a one-stop shop (BNPL+ app) for financial services for both consumers and retailers.
“We continuously invest in building out our product,” said Steiger. “Beyond BNPL or installment purchase, we now offer products such as 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 which attracts a strong following, especially among the younger generation.”
For merchants, the fintech provider offers omnichannel payment solutions that help both online and offline retailers provide customizable installment plans to attract and retain customers.
The company has grown its merchant partners from only 100 merchants a year ago to over 700 merchants which includes local and international brands.
“Lendable is extremely proud to be partnering with BillEase, a business that shares many of its values with us,” said Hani Ibrahim, chief investment officer, Lendable. “We have enjoyed working with Georg and the rest of the BillEase team and feel we are partnering with a fintech company that can use our commercial capital to catalyze the provision of financial services to the underserved in the Philippines. BillEase has grown tremendously as a business and we are keen to continue supporting their growth trajectory by providing sustainable and better access to financial products.”