BillEase, a Philippine-based BNPL and consumer finance startup, announced that TPG’s The Rise Fund has come in as the lead investor in its Series C funding round.
The announcement did not disclose financial details of The Rise Fund’s investment. BillEase said the round was also participated by existing investor Burda Principal, a backer of used-car marketplace startup Carsome.
TPG’s The Rise Fund is a core pillar of TPG Rise, the global impact investing platform of TPG. The Rise Fund invests in impact entrepreneurs and growth-stage, high-potential, and mission-driven companies.
“Our investment into BillEase aligns with The Rise Fund’s pursuit to work with companies that aim to deliver social impact alongside performance and strong returns,” said TPG managing director Chalothorn (Boat) Vashirakovit.
BillEase CEO Georg Steiger hinted that the Series C money will be used to expand the startup’s product offerings to better serve the underserved and the underbanked.
“The partnership with TPG marks a pivotal moment for BillEase and is a testament to the strength of our vision and achievements,” Steiger said.
The Series C round comes less than three years after the BNPL platform closed an $11-million Series B financing led by Burda Principal Investments.
The startup also secured a $20-million debt facility from Helicap and another $20 million loan facility from Lendable in 2022.
In April, BillEase announced raising $5 million from Saison Investment, expanding its credit facility to about $40 million.
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.
BillEase also recently introduced QRPH to enable customers to use the app in mall stores and retail establishments. Customers can also use QRPH to pay their installments without fees or charges.
Lito Camacho, senior advisor for TPG, said there remains a need among businesses and individuals in the Philippines for greater access to affordable financial products.
“Only 18.8% of people in the Philippines are reportedly able to borrow money from a formal financial institution or money provider. BillEase is offering a solution that solves that pain point for many, giving access to flexible payment options in a safe and sustainable way, Camacho added.