(L-R) BillEase co-founders Georg Steiger, Huyen Nguyen, and Ritche Weekun, and CFO Garret Go
BillEase, a consumer finance and buy-now-pay-later app in the Philippines, has received US$5 million in credit facility from Saison Investment Management, the offshore lending arm of Japan’s Saison International.
This round expands BillEase’s existing Helicap-led credit facility to US$40 million, which already included participation from various investors, such as the Helicap Income Opportunities Fund, several institutional credit investors, and high-net-worth individuals.
Also Read: Helicap joins Filipino consumer lender BillEase’s cap table with US$20M debt facility
The funding will allow BillEase to grow its loan portfolio and launch credit products tailored to the needs of its over one million users.
“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,” said Garret Go, CFO of BillEase.
BillEase leverages machine learning and AI to offer personal loans, e-wallet top-ups, prepaid load, gaming credits, bill payment, and a buy now, pay later (BNPL) service in partnership with over 10,000 merchants.
The fintech firm claims it achieved profitability in 2023, revenue doubled year-over-year and served over 800,000 customers.
“The Philippines is emerging as one of the fastest growing countries in Asia post-COVID, with a huge population that is rapidly digitising. With this as a backdrop, we hope to build our presence in the market, and play a catalytic role in enlarging Philippine’s digital financing ecosystem, to unlock greater economic opportunities for individuals and households,” said Kosuke Mori, CEO of Saison International.
“With 65 per cent of the population unbanked and more than 80 per cent 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.
Also Read: This e-credit card allows Filipinos to buy big-ticket items online with easy instalments
“We are thrilled to have SIMPL as an investor in BillEase,” said David Z Wang, Co-founder of Helicap, a Singapore-based fintech company. “Their investment underscores the immense potential of BillEase to drive financial inclusion and uplift underserved communities in the Philippines. With this additional capital, BillEase can accelerate its growth and bring affordable financial services to even more customers across the country. This partnership exemplifies our shared vision of leveraging technology to create economic opportunities.”
In September 2022, BillEase completed an up to US$20 million debt facility from Helicap Securities, bringing its total raised to US$55 million in debt and equity. This included the US$11-million Series B round led by BurdaPrincipal Investments earlier that year.
Previously, it raised US$20 million in secured debt from UK-based Lendable.
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