Lokesh Choudhary · · 2 min readBillEase’s credit facility hits $40m with new Saison investment
The buy now, pay later (BNPL ) space showed some signs of trouble recently, but it appears to have found new momentum. GoTo and TikTok Shop are looking to launch a BNPL service, and Southeast Asia’s BNPL payments volume may reach US$232.5 billion in 2024.
Now Philippine BNPL provider BillEase has secured a US$5 million investment from Saison Investment Management Private Limited (SIMPL), part of Japan’s Credit Saison.
The funding adds to BillEase’s existing credit facility, which the company says has reached US$40 million. BillEase had raised US$20 million from Helicap back in 2022.
Founded by former McKinsey executives, BillEase initially ran only a BNPL service. Now it also offers personal loans, gaming credits, and e-wallet top-ups through its platform. With the fresh funds, the firm plans to grow its loan portfolio and launch new credit products.
Last year, the company doubled its revenue to US$57 million and maintained profitability with a net income of US$7 million – up from US$1.5 million the previous year.
The startup previously said that it was preparing for a series C funding round, having raised its last equity funding – a US$11 million series B round – two years ago. Recently, BillEase also partnered with Razer Fintech to offer installment payment options to merchants within the latter’s network.
See also: BillEase reaches $60m in annual revenue, turns profitable
Editing by Putra Muskita and Dhania Putri Sarahtika
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