BillEase co-founders
BillEase, a card-free buy-now-pay-later (BNPL) platform owned by the Filipino fintech firm First Digital Finance Corporation (FDFC), today announced the close of its US$11 million Series B financing round.
BurdaPrincipal Investments, the growth capital arm of German media and tech company Hubert Burda Media, led the round.
Centauri, a joint investment vehicle of MDI Ventures and KB Investment; Singapore-based 33 Capital; and Tamaz Georgadze, CEO and Co-Founder of European fintech unicorn Raisin DS, also co-invested.
Also Read: This e-credit card allows Filipinos to buy big-ticket items online with easy instalments
BillEase will utilise the funds to accelerate its customer growth, enhance and develop new products, and attract top talent.
Ritche Weekun, Co-Founder and CFO of FDFC, said: “The events over the last two years have increased the pressure on the fintech space, in particular, to evolve, and we’re seeing growing demand for financial products. Our latest round of funding will help us grow at an unprecedented pace, allowing us to increase financial inclusion in the country further.”
Launched in 2017, BillEase provides merchants with instalment solutions to boost their conversion rate and average order values by enabling customised instalment payment products at checkout. Today BillEase has more than 500 merchant partners — from airline tickets (Philippine Airlines) to flip flops (Havaianas), speakers (Harman Kardon) to ice boxes (Coleman/Focus Global).
For consumers, BillEase serves as an alternative to credit/debit cards and e-wallets when shopping online. They are given a credit limit that can be used at any of BillEase’s over 500 merchant partners, such as gadgets retailer Kimstore or Philippine Airlines. Unlike traditional debit cards and e-wallets, customers do not have to top up before purchasing online or offline.
In addition to BNPL, the BillEase app also offers personal loans, e-wallet top-ups and popular wallets like GCash, PayMaya, Coins.ph, GrabPay, and ShopeePay, mobile loads and gaming credits.
Also Read: Is Southeast Asia ready to buy now, pay later?
“BNPL services often rely on card payments; in the Philippines, less than 5 per cent of the adult population owns a credit card, and cash on delivery remains the primary mode of payment. We developed our proprietary credit, fraud, and payment stack to address this problem and expand the target market. While this requires more upfront investment, we are solving a more fundamental problem for customers and allows us to create long-term relationships,” said Co-Founder and CEO Georg Steiger.
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Image Credit: BillEase
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