BillEase has closed a $20 million debt facility from Lendable, an emerging market credit provider, to further accelerate the growth of its business in the Philippines.
The new funding adds to the recent $11-million Series B equity raised from BurdaPrincipal Investments, MDI Ventures, KB Investment, among others, and brings the total fresh funds to $31 million.
The card-free buy now, pay later (BNPL) and consumer finance app is a one-stop shop for financial services for both consumers and retailers. BillEase also offers low-cost cash loans, e-Wallet top-ups to all major wallets like GCash, PayMaya, Coins.ph, GrabPay, and ShopeePay, prepaid mobile load, and gaming credits. For merchants, the fintech provider offers omnichannel payment solutions.
In the first quarter, BillEase volumes rose almost 5x compared to the same period last year.
In 2021, the company achieved profitability in 2021.
It has grown its merchant partners from only 100 merchants a year ago to over 700 merchants.
