BillEase, a Philippines-based Buy Now Pay Later (BNPL) financing startup, has raised $20 million in debt facility from Helicap, a Singapore-based finance firm, bringing it to $55 million raised since its launch in debt and equity funding.
- The BNPL startup claims the fund will be used to grow and expand its loan portfolio. CEO and co-founder of BillEase, Georg Steiger believes collateralizing their loan books enable them to raise fund and better serve their growing and underserved customer base.
- BillEase is an on-demand credit and finance mobile application and digital platform providing financial services such as personal loans, e-wallet top-ups, prepaid loads, and gaming credits.
- Its BNPL service allows customers to pay for both online and offline purchases in instalments. It is currently accepted as a payment mode by up to a thousand brands and small businesses, and seven major payment gateways in the Philippines.
- The startup became profitable in 2021 and it recorded 5x volumes in the first half of 2022. It has deployed 3 million loans since it launched, with the majority of the receivers being female customers with no credit history, it claims.
- Earlier this year, BillEase raised $11 million in its Series B round led by BurdaPrincipal Investments, an arm of German media and tech company, Hubert Burda Media. It also raised $20 million in secured debt from Lendable, a UK credit provider in March.