BillEase, a consumer finance and buy-now-pay-later (BNPL) startup in the Philippines has announced raising $5 million from Saison Investment, expanding its credit facility to about $40 million.
The investment from Saison Investment Management Private Limited, the offshore lending arm of Saison International, will be used to further grow BillEase’s loan portfolio and launch credit products tailored to its over 1 million users.
BillEase said the investment expands its credit facility to $40 million, with backing from Helicap Income Opportunities Fund, several institutional credit investors, and high-net-worth individuals.
“This investment is a tremendous vote of confidence in BillEase’s mission and future growth potential,” said BillEase CFO Garret Go.
The startup, launched in 2017, is an on-demand credit and finance platform that provides different types of financial services, including personal loans, e-wallet top-ups, prepaid load, and gaming credits.
It also offers BNPL for customers wanting installment plans for their purchases and leverages machine learning and AI in building financial products while mixing traditional global best practices in credit underwriting to meet the needs of the underbanked market segment.
In September 2022, BillEase secured an up to $20 million debt facility from Singapore-based fintech firm Helicap Securities to further grow and expand its loan portfolio in the country.
BillEase said its revenue doubled year-over-year, delivering an impressive 47% return on equity that outperformed traditional banks in the Philippines.
On the other hand, Saison International CEO Kosuke Mori said the firm’s investment in BillEase represents its only exposure to the growth in the Philippines’ credit sector at the moment.
“We hope to build our presence in the market and play a catalytic role in enlarging the Philippines’ digital financing ecosystem,” Mori added.
Saison International is the international headquarters of Japan’s Credit Saison, which oversees all of its global businesses. Credit Saison Company Limited, founded in 1951, is one of Japan’s largest lending conglomerates with over 25 million cardholders in Japan.