Philippine’s buy-now, pay-later (BNPL) startup BillEase has secured a $20m in debt facility from UK-based credit card provider Lendable.
The funding will be used by the BNPL startup for the further expansion of its business in the Philippines, reported Deal Street Asia.
Three months back, BillEase also secured $11m funding in the Series B funding round led by Burda Principal Investments and supported by MDI Ventures and KB Investment as well as others.
First Digital Finance Corporation (FDFC) is the operator of the BillEase app, which serves as a one-stop-shop for financial services for both consumers and retailers.
BillEase also provides in-app services such as personal loans, e-wallet top-ups, mobile loads, and gaming credits besides BNPL service.
Additionally, the startup delivers omnichannel payment solutions for merchants. These solutions will enable online and offline retailers to offer customisable installment plans for the customers.
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The news agency quoted FDFC CEO and co-founder Georg Steiger as saying: “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 further financial inclusion in the Philippines.”
At present, BillEase has more than 700 merchant partners, including local and international brands such as Lazada, Samsung, Philippine Airlines, Cole Haan, Philips, Vivo, Kimstore, and Havaianas.
Its partners also include Anson’s, Mandaue Foam, Western Appliances, Coleman, KitchenAid, TUMI, Hedgren, DC Shoes, Bratpack, Oster, and Tempur.