Philippines-based BillEase, which offers buy now, pay later (BNPL) services, has reportedly raised $20m in a debt facility from Singapore’s Helicap Securities.
With the funds, BillEase plans to expand the reach of its financial services, according to a report from Marketech APAC. Funds will enable the company to grow and expand its loan portfolio.
The FinTech company offers BNPL services, with users able to make installments between two and 24 months.
Users pick desired terms, submit proof of income, ID and billing, and are approved for a loan on the spot. Its services are available at Samsung, Cole Haan, Aldo and many other stores.
BillEase CEO and co-founder Georg Steiger told Marketech APAC, “Being able to collateralise our loan book allows us to access funding to continue serving our fast-growing, underserved customer base. Our new funding comes at the right time as we develop and launch new products and continue to see strong growth. At the same time maintaining profitability means we can be a sustainable and long-term partner for consumers and merchants.”
The FinTech company previously raised $11m in its Series B round, which was led by BurdaPrincipal Investments. Other commitments came from Centauri, 33 Capital, and others.
The Philippines FinTech sector has seen a number of deals this year. Its first digital-only neobank Tonik Digital Bank recently closed its Series B round on $131m. Since its launch in March 2021, it claims to have broken bank growth records in the Philippines by reaching $20m and $100m of consumer deposits within the first and eighth months, respectively.
Another sizable deal was raised by PayMaya’s owner. Voyager Innovations, the Philippines-based technology company behind the end-to-end money platform PayMaya and neobank Maya Bank, has raised $210m.
As for BNPL news, instalments-as-a-service platform Splitit recently collected AUD 10.5m in funding.
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