Ex-McKinsey execs’ BNPL firm raises $11m in series B round

Philippine-based BillEase, a buy now, pay later (BNPL) player, has raised US$11 million in a series B round led by Burda Principal Investments, with participation from Centauri, 33 Capital, and Tamaz Georgadze, who is the CEO and co-founder of European fintech unicorn Raisin DS.

(From left) BillEase co-founders Huyen Nguyen, Georg Steiger, and Ritche Weekun / Photo credit: BillEase

BillEase, run by Philippine-based fintech firm First Digital Finance Corporation (FDFC), provides card-less options for buyers in need of installment-based payments, offering up to 40,000 pesos (US$777) in credit per user.

The service also lets sellers accept installment methods as a mode of payment, with more than 500 partner merchants on board.

It also claims to have lower interest rates than competitors and that it lets users pay bills, make e-wallet top-ups, and spend on big-ticket purchases through its app.

The company was founded by ex-McKinsey & Company execs Huyen Nguyen, Georg Steiger, and Ritche Weekun in 2015. The fresh funds will boost its customer growth, product development, and talent acquisition efforts.

See also: The dark side of ‘buy now, pay later’

Currency converted from Philippine peso to US dollar: US$1 = 51.46 pesos