Consumer finance and buy now pay later (BNPL) app BillEase secured a significant investment of $5 million from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International Pte. Ltd., the international headquarters of Japan’s Credit Saison.
“This investment from SIMPL is a tremendous vote of confidence in BillEase’s mission and future growth potential,” said Garret Go, CFO of BillEase. “Coming off a year where we achieved profitability and doubled our revenues, we are extremely well-positioned to scale our consumer loan offerings and expand access to affordable financial services across the Philippines.”
This latest funding round not only solidifies BillEase’s financial standing but also expands its existing Helicap-led credit facility from $20 million to $40 million. The initial facility already boasted contributions from various investors such as the Helicap Income Opportunities Fund, institutional credit investors, and high-net-worth individuals.
READ:
BillEase reports $57 million in revenue in 2023
BillEase, Alipay+ enable consumers to shop global online
“Our investment in BillEase represents our only exposure to the growth in the Philippines’ credit sector at this moment and aligns with our commitment to providing financial solutions for the underserved segments of markets globally,” said Kosuke Mori, CEO of Saison International.
Financial inclusion
BillEase, offering various financial solutions including personal loans, e-wallet top-ups, prepaid load, gaming credits, bill payment, and BNPL services, achieved profitability in 2023. Its revenue doubled year-over-year, serving over 800,000 customers and delivering a remarkable 47% return on equity.
“With 65% of the population unbanked and more than 80% of the country’s transactions still paid with cash, our partnership with BillEase through Helicap is driving financial inclusion by building a credit history for a large share of their customers, and creating meaningful impact for a broader segment of the population in the Philippines,” said Claudia Rojas, head of SIMPL.
BillEase, which offers personal loans, e-wallet top-ups, prepaid load, gaming credits, bills payment, and buy now, pay later (BNPL) solutions, achieved profitability in 2023. The company’s revenue doubled year-over-year, and it served over 800,000 customers, delivering an impressive 47% return on equity that outperformed traditional banks in the Philippines.
The additional US$20 million in funding from the expanded facility will allow BillEase to rapidly grow its loan portfolio and launch credit products tailored to the needs of its over 1 million users.
“With this additional capital, BillEase can accelerate its growth and bring affordable financial services to even more customers across the country,” said David Z Wang, co-founder of Helicap, a Singapore-based fintech company.