Filipino Consumer Finance App Billease Announces Series C Fundraising Round
Buy Now, Pay Later platform Billease has announced a Series C fundraising round that the company says will help sustain its growth and expand its product offerings. Although the company declined to mention the exact amount of the raise pending certain closing conditions, it did mention that Billease’s annual revenue run rate (ARR) has now reached $90 million as of August 2024.
This latest funding round was led by TPG’s The Rise Fund, together with existing investor Burda Principal Investment.
“The partnership with TPG marks a pivotal moment for BillEase and is a testament to the strength of our vision and achievements," said Georg Steiger, CEO of BillEase. "The Rise Fund has built a global track-record of helping socially impactful companies scale and their investment will empower us to not only sustain our strong growth but also expand our product offerings to better serve the underserved and underbanked, enabling more Filipinos to improve their living standards.”
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Billease, a consumer finance app that offers personal loans, e-wallet top-ups, prepaid load, gaming credits, bill payment, and a unique buy now, pay later (BNPL) scheme to consumers, closed its Series B round with $11 million (about P566 million) in 2022. The Series C announcement also comes on the heels of the company joining Endeavor Philippines, the prestigious network of high-impact entrepreneurs.
Founded by Georg Steiger, Huyen Nguyen, and Ritche Weekun, Billease “leverages machine learning and AI to build financial products while mixing traditional global best practices in credit underwriting to meet the needs of its customers.”
“Our investment into BillEase aligns with The Rise Fund’s pursuit to work with companies that aim to deliver social impact alongside business performance and strong returns,” said Chalothorn (Boat) Vashirakovit, managing director at TPG. “With our global operations capabilities, deep sector expertise in financial services and thematic focus towards backing innovative businesses that drive greater financial inclusion, we look forward to helping accelerate BillEase’s growth and solidifying their position as the leading digital finance app in the market.”
In photo (left to right): Georg Steiger (CEO), Huyen Nguyen (COO), Ritche Weekun (Director), and Garret Go (CFO) of BillEase
“In the Philippines, there remains a need among businesses and individuals for greater access to affordable financial products. Only 18.8 percent of people in the Philippines are reportedly able to borrow money from a formal financial institution or money provider,” added Lito Camacho, senior advisor for TPG. “BillEase is offering a solution that solves that pain point for many, giving access to flexible payment options in a safe and sustainable way.”
“BillEase’s impressive performance and consistent growth reaffirm our commitment to supporting their journey," said Neil Fong, managing director and head of Burda Principal Investments Asia. "We believe in their ability to execute and continue leading the digital finance sector in the Philippines, and we’re proud to back their ongoing success."
