Monday, June 17, 2024
HomeFunding Philipines-Based BillEase Secured $5 Million in Funding

[Funding Alert] Philipines-Based BillEase Secured $5 Million in Funding

A $5 million investment has been made in BillEase, a Philippine distributor of bank-owned preferred shares, by Saison Investment Management Private Limited, a branch of Credit Saison, a company based in Japan.

A $5 million investment has been made in BillEase, a Philippine distributor of bank-owned preferred shares, by Saison Investment Management Private Limited, a branch of Credit Saison, a company based in Japan.

The money expands BillEase’s current credit facility, which it claims has grown to US$40 million. In 2022, BillEase received US$20 million from Helicap.

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BillEase was founded by former executives from McKinsey, and at first it offered simply a BNPL service. Through its platform, it now provides personal loans, gaming credits, and e-wallet top-ups. The company intends to introduce new credit products and expand its loan portfolio with the additional funding.

The company maintained profitability last year with a net income of US$7 million, up from US$1.5 million, and quadrupled its revenue to US$57 million.

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The business, which got its last equity capital in a US$11 million series B deal two years ago, has previously stated that it was getting ready for a series C funding round. BillEase and Razer Fintech recently teamed to provide businesses in the latter’s network with choices for installment payments.

Though there have been some recent hints of instability, the buy now, pay later space seems to have gained new momentum. A BNPL service is planned by GoTo and TikTok Shop, and by 2024, the amount of BNPL payments made in Southeast Asia would total US$232.5 billion.

About BillEase

A financial technology startup called BillEase is creating ground-breaking and inventive retail credit solutions for Southeast Asia. With more than 250 workers spread over five cities and two continents, they are currently trying to provide Filipinos with a more equitable and affordable financial services experience.

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