BillEase, a Filipino BNPL platform raised $11 M in BurdaPrincipal led Series B round
BillEase, a card-free buy-now-pay-later (BNPL) platform operated by First Digital Finance Corporation (FDFC), has closed its US $11 million Series B fundraising round.
The transaction was headed by BurdaPrincipal Investments, the growth capital arm of Hubert Burda Media, a German media and technology firm.
Centauri, a joint investment vehicle of MDI Ventures and KB Investment, 33 Capital, and Tamaz Georgadze, CEO and Co-Founder of European financial startup Raisin DS, also participated.
BillEase is to use the money to expand its client base, improve and create new products, and hire top people.
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.”
BillEase was founded in 2017 to help merchants increase their conversion rate and average order value by providing tailored instalment payment products at checkout. BillEase now offers over 500 merchant partners, ranging from Philippine Airlines tickets to Havaianas flip flops, Harman Kardon speakers to Coleman/Focus Global ice chests.
When buying online, BillEase can be used as an alternative to credit/debit cards and e-wallets. They are granted a credit limit that they may use at any of BillEase’s 500 merchant partners, including gadget retailer Kimstore and Philippine Airlines. Customers do not need to fill up their accounts before making purchases online or offline, unlike standard debit cards and e-wallets.
“BNPL services often rely on card payments; in the Philippines, less than 5 percent 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.
Personal loans, e-wallet top-ups and popular wallets like GCash, PayMaya, Coins.ph, GrabPay, and ShopeePay, mobile loads, and gaming credits are all available through the BillEase app in addition to BNPL.
