Credit provider

BillEase secures $20 million from credit provider Lendable – Back End News

BillEase, a cardless buy now, pay later (BNPL) and consumer credit application in the Philippines, has closed a $20 million credit facility with Lendable, an emerging markets credit provider. The new funding comes on top of recent Series B equity funding of $11 million raised from BurdaPrincipal Investments, MDI Ventures and KB Investment, among others, and brings total new funding to $31 million.

“This installation is further validation of our business and the platform our team has built over the past few years and helps firmly position BillEase as BNPL’s leading brand in the Philippines,” said Georg Steiger, CEO and co-founder of First Digital. Finance Corporation (FDFC) which operates the BillEase application. “With the support of Lendable, we will be able to continue the strong growth of 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 strengthen financial inclusion in the Philippines.

The company currently offers a one-stop-shop (BNL+ app) for consumer and merchant financial services.

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“We are continuously investing in building our product,” Steiger said. “Beyond BNPL or installment purchase, we now offer products such as low cost cash loans, e-wallet recharges for all major wallets such as GCash, PayMaya, Coins.ph, GrabPay and ShopeePay, a prepaid mobile charge and game credits that attracts a strong following, especially among the younger generation.

Omnichannel payment

For merchants, the fintech provider offers omnichannel payment solutions that help online and offline retailers provide customizable payment plans to attract and retain customers.

The company has grown its merchant partners from just 100 merchants a year ago to more than 700 merchants, including local and international brands.

“Lendable is extremely proud to partner with BillEase, a company that shares many of its values ​​with us,” said Hani Ibrahim, Chief Investment Officer at Lendable. “We have enjoyed working with Georg and the rest of the BillEase team and believe we are partnering with a fintech company that can use our business capital to catalyze the provision of financial services to underserved people in the Philippines. BillEase has grown tremendously as a business and we want to continue to support their growth trajectory by providing better and sustainable access to financial products.