Manila, Philippines – BillEase, a local buy-now-pay-later platform, has recently closed its US$11m series B funding, targeted at growing its consumer base, enhancing and developing new products for the platform, and attracting top talent for the company.
Said funding was led by BurdaPrincipal Investments. Other investors in the round include Centauri, 33 Capital from Singapore, and Tamaz Georgadze, CEO and co-founder of Raisin DS.
Launched in 2017, BillEase provides merchants with installment solutions to boost their conversion rate and average order values by enabling customized installment payment products at checkout. For consumers, BillEase serves as an alternative to credit/debit cards and e-wallets when shopping online.
Speaking about the investment round, Ritche Weekun, co-founder and chief financial officer at First Digital Finance Corporation (FDFC) which operates BillEase, said that their latest round of funding will help them grow at an unprecedented pace, allowing them to further increase financial inclusion in the country.
“The Philippines is expected to be the fastest growing e-commerce market in the ASEAN region over the next 5 years. The country is fast becoming a red hot destination for venture investments as large funds start looking beyond Indonesia and this, in turn, is driving the rapid development of the ecosystem. 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,” Weekun said.
Meanwhile, Georg Steiger, co-founder and CEO at First Digital Finance Corporation (FDFC), commented, “BNPL services often rely on card payments, in the Philippines less than 5% of the adult population owns a credit card and cash on delivery remains the primary mode of payment. To address this problem and expand the target market, we developed our proprietary credit, fraud, and payment stack. While this requires more upfront investment, we are actually solving a more fundamental problem for customers and allows us to create long-term relationships.”