The leading card-free Buy Now Pay Later (BNPL) platform in the Philippines, BillEase, have finally completed their Series B investment round with USD 11 million in fresh equity. The investment round was led by BurdaPrincipal Investments, the growth capital arm of German media and tech company Hubert Burda Media, and a backer of Ninja Van and Zilingo, among others.
Besides BurdaPrincipal, investors in the round also include Centauri, a joint investment vehicle of Telkom Indonesia’s MDI Ventures and KB Investment.
“BNPL services often rely on card payments. In the Philippines less than 5% of the adult population owns a credit card and cash on delivery remains the primary mode of payment. To address this problem and expand the target market, we developed our proprietary credit, fraud, and payment stack. While this requires more upfront investment, we are actually solving a more fundamental problem for customers and allows us to create long-term relationships,” said Georg Steiger, Co-Founder and CEO.
Formed in 2017, BillEase offers sellers installments solutions to elevate their conversation rate and average order values through its customized installment payment products at checkout. For customers, its offers serve as an alternative to credit/debit cards and e-wallets when shopping online. And unlike traditional debit cards and e-wallets, customers are not required to top up before purchasing online or offline.
The BillEase is also available as a mobile app in both Apple Store and Google Play, offering a suite of in-app services such as personal loans e-Wallet top-ups to popular wallets like GCash, PayMaya, Coins.ph, GrabPay, and ShopeePay, mobile loads and gaming credits, and plans to expand the offerings.
BillEase aimed to develop the Philippines’ credit system towards greater financial inclusion. Now it has over 500 merchant partners from airline tickets (Philippine Airlines) to flip flops (Havaianas), speakers (Harman Kardon) to ice boxes (Coleman/Focus Global). In addition, five leading payment gateways also offer the BNPL platform: Xendit, Paynamics, 2C2P, Dragonpay, and UBX Philippines’ BUX, making it the most extensive BNPL in terms of reach in the country of 109 million people.