BillEase, the leading card-free Buy Now Pay Later (BNPL) platform in the Philippines has closed Series B with $11 million in fresh equity.
The round is led by BurdaPrincipal Investments, the growth capital arm of German media and tech company Hubert Burda Media and a backer of Carsome, Ninja Van, and Zilingo, among others. Other investors in the round include Centauri, a joint investment vehicle of Telkom Indonesia’s MDI Ventures and KB Investment and backer of Kredivo, 33 Capital from Singapore, and Tamaz Georgadze, CEO and Co-Founder of European fintech unicorn Raisin DS, Europe’s leading marketplace for online deposits and investments.
“The Philippines is expected to be the fastest growing e-commerce market in the ASEAN region over the next 5 years. The country is fast becoming a red hot destination for venture investments as large funds start looking beyond Indonesia and this, in turn, is driving the rapid development of the ecosystem,” says
Ritche Weekun, co-founder and chief financial officer of First Digital Finance Corp. (FDFC) which operates BillEase, said in a statement the latest round of funding will “help us grow at an unprecedented pace, allowing us to further increase financial inclusion in the country.”
Launched in 2017, BillEase provides merchants with installment solutions to boost their conversion rate and average order values by enabling customized installment payment products at checkout. For consumers, BillEase serves as an alternative to credit/debit cards and e-wallets when shopping online.
