BillEase, a buy now, pay later (BNPL) and consumer finance app in the Philippines, announced today that it has closed a $20-million debt facility from Lendable, an emerging market credit provider, to further accelerate the growth of its business in the Philippines.
The new funding adds to the recent $11 million Series B equity raised from BurdaPrincipal Investments, MDI Ventures, 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,” he added.
Launched in 2017, BillEase is currently offering a BNPL+ app, a one-stop shop for financial services for both consumers and retailers.
“We continuously invest in building out our product. 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 attract a strong following especially among the younger generation,” Steiger said.
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 said it has grown its merchant partners from only 100 merchants a year ago to over 700 merchants, which include local and international brands such as Lazada, Samsung, Philippine Airlines, Cole Haan, Philips, Vivo, Kimstore, Havaianas, Anson’s, Mandaue Foam, Western Appliances, Coleman, KitchenAid, TUMI, Hedgren, DC Shoes, Bratpack, Oster, Tempur, among others.
“Lendable is extremely proud to be partnering with BillEase, a business that shares many of its values with us,” Hani Ibrahim, Lendable’s chief investment officer said.