BillEase doubles revenue to $57m in 2023, hits full-year profitability

Photo credit: BillEase

BillEase, a Philippines-based buy now, pay later player, said it doubled its revenue in 2023 to US$57 million compared to the year before.

It also stayed profitable with US$7 million in net income for the full year – a relatively steep rise from last August. The company, which was founded by former executives of McKinsey, had said at the time that it was in the black with around US$1.5 million in net profit.

BillEase said it is now gearing up for a series C funding round. Its last financing came two years ago, in a US$11 million series B round led by Burda Principal Investments.

“Our success in 2023 can be attributed to three key factors: offering a top-priority product for our customers (lending with good terms), building long-term relationships with our partners and customers, and maintaining efficient operations and risk management,” said CEO Georg Steiger in a statement.

BillEase’s customer base grew to 800,000 in 2023 from 650,000 the year before. The firm also posted a 47% return on equity by end-2023 – outpacing what traditional banks in the Philippines achieved on average.

Besides BNPL, the company also offers personal loans, e-wallet top-ups, bill payments, and gaming credits, among other services.

Aside from rolling out new products, among BillEase’s upcoming plans are to recruit top-level executives as well as integrate AI more deeply into its operations. Last year, the company said its partnership with companies like Alipay+ and Agoda has helped push its merchant network to grow over 3x to 10,000.

BillEase’s financial results come amid a slow start for BNPL in 2024. The first quarter of the year saw several exits from the space in Southeast Asia, including Bukalapak’s BukaCicilan and ShopBack’s PayLater.

However, two major players remain bullish on the business model: GoTo and TikTok Shop, fresh off the latter’s acquisition of Tokopedia, are looking to launch a BNPL service soon.

See also: ‘Buy now, pay later’ is not dead