Philippines’ BNPL firm BillEase secures $20M debt facility from Lendable
After raising $11 million in a Series B funding round from BurdaPrincipal Investments, MDI Ventures, KB Investment, Philippine buy-now-pay-later (BNPL) platform BillEase has announced that it has secured a $20 million debt facility from London- and Singapore-based emerging market credit provider Lendable for the expansion of its services in the country.
“With Lendable’s support, we will be able to continue the strong growth in customer onboarding and expand our loan portfolio,” said Georg Steiger, CEO and co-founder of First Digital Finance Corporation (FDFC), operator of the BillEase app. “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.
This new development brings BillEase’s total fresh funds to $31 million.
The startup said its volumes grew five times in the first quarter of 2022 compared to the same period in 2021, with the company achieving profitability last year.
BillEase’s merchant partners have grown from only 100 merchants a year ago to over 700 merchants. Among the local and international brands that have partnered with the BNPL startup are Lazada, Samsung, Philippine Airlines, Cole Haan, Philips, Vivo, Kimstore, Havaianas, Anson’s, Mandaue Foam, Western Appliances, Coleman, KitchenAid, TUMI, Hedgren, DC Shoes, Bratpack, Oster, and Tempur.
Meanwhile, Lendable shared enthusiasm about the said partnership with BillEase.
“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,” said Hani Ibrahim, Lendable’s Chief Investment Officer.
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