Roehl Niño Bautista · · 1 min readPhilippine BNPL firm gets $20m debt facility from Lendable
Philippines-based BillEase, a buy now, pay later platform, has raised US$20 million in debt financing from Lendable.
This comes after the BNPL startup raised US$11 million in a series B raise.
(From left) BillEase co-founders Huyen Nguyen, Georg Steiger, and Ritche Weekun / Photo credit: BillEase
BillEase lets cardless users borrow up to 40,000 pesos (US$766), which can be paid back in up to 6 months for first-time customers. It is an accepted payment method in 700 merchants, including Lazada, Samsung, and Philippine Airlines.
Former McKinsey & Company executives Huyen Nguyen, Georg Steiger, and Ritche Weekun founded the platform in 2015. BillEase latest raise will go toward expanding its loan portfolio.
“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,” said Steiger.
Billease is Lendable’s second client in the Philippines. It earlier provided US$15 million to local online lender Uploan. Recently, Lendable has also made investments in Thailand and Vietnam.
See also: Banking on a digital remedy in the Philippines
Currency converted from Philippine peso to US dollar: US$1 = 52.23 pesos.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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