Consumer finance app BillEase operated by First Digital Finance Corp. (FDFC) has secured $20 million debt facility from Lendable to further accelerate the growth of its business in the Philippines.
The new funding from the emerging market credit provider beefs up the recent $11 million Series B equity raised from BurdaPrincipal Investments, MDI Ventures, KB Investment, among others, bringing the total fresh funds to $31 million.
FDFC CEO and co-founder George Steiger said that the facility is a further validation of the business and platform the company has built over the past few years and helps to firmly position BillEase as the leading buy now pay later brand in the Philippines.
“With Lendable’s support, we will be able to continue the strong growth in customer onboarding and expand our loan portfolio. 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,” Steiger said.
BillEase is currently offering BNPL+ app, a one-stop shop for financial services for both consumers and retailers.
“We continuously invest in building out our product. Beyond BNPL or installment purchase, we now offer products such as 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 which attracts a strong following especially among the younger generation,” Steiger added.
For merchants, the fintech provider offers omnichannel payment solutions that help both online and offline retailers provide customizable installment plans to attract and retain customers.
BillEase is growing rapidly with Q1 2022 volumes up almost five times compared to the same period last year and the company already achieved profitability in 2021.
The company has grown its merchant partners from only 100 merchants a year ago to over 700 merchants which includes local and international brands such as Lazada, Samsung, Philippine Airlines, Cole Hann, Philips, Vivo, Kimstore, Havaianas, Anson’s, Mandaue Foam, Western Appliances, Coleman, KitchenAid, TUMI, Hedgren, DC Shoes, Bratpack, Oster, Tempur, among others at the end of the first quarter.