Philippine BNPL Firm BillEase Raises $20M Debt Facility

Philippines-based buy now, pay later (BNPL) startup BillEase has secured a $20 million debt facility from emerging market credit provider Lendable that it will use to speed up its growth across the country, according to a Monday (April 18) Deal Street Asia report.

BillEase enhances its BNPL offering with in-app services including personal loans, eWallet top-ups, mobile loads and gaming credits, the report says.

“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,” said Georg Steiger, CEO and co-founder of First Digital Finance Corporation (FDFC), operator of the BillEase app, in the report.

Earlier this year, BillEase raised $11 million in its Series B funding round led by Burda Principal Investments, the growth capital arm of German media and tech company Huber Burda Media.

Less than 5% of adults in the Philippines own a credit card, preferring cash to make payments.

BillEase said it has grown its merchant partners from 100 a year ago to more than 700 today, including 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, among others.

Lendable has handed out more than $225 million to FinTech firms in at least 14 countries, the report says.

Related: Filipino Payments Firm PayMongo Raises $31M

In February, Filipino online B2B payments firm PayMongo raised $31 million in a Series B funding round led by JAM Fund, a venture capital firm led by Tinder co-founder Justin Mateen. The company will use the funding to boost its payments infrastructure and add services that include disbursements, capital lending, subscriptions, recurring payments and BNPL.

PayMongo lets online businesses accept payment options that include credit cards, eWallets and over-the-counter transactions. The round brings PayMongo’s funding to a little shy of $46 million, following a $12 million Series A in 2020 and a $2.7 million seed round in 2019.

Other investors in the Series B included Global Founders Capital, SOMA Capital, and the founders of Qonto, Viva Wallet, Billie, Scalable as well as local investors ICCP-SBI Venture Partners and Kaya Founders.