Philippines finance app secures $20m debt facility from Helicap

Sep 12, 2022
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Source:
Tech In Asia
Tech In Asia

Finance app BillEase has banked a US$20 million debt facility from Singapore debt investment firm Helicap Securities. The raise brings the Philippine-based lender’s total amount raised to US$55 million in debt and equity, according to a statement.

BillEase’s platform allows users to acquire personal loans, top up their e-wallets, and purchase gaming credits. The firm also offers buy now, pay later services, enabling customers to pay for their online and offline purchases through installment plans.

The company also recently launched in-store QR code payments as well as payment links – commonly used in social commerce transactions – to expand its omnichannel presence.

Since its establishment in 2015, BillEast said it has disbursed more than 3 million loans. The company also said it’s been profitable since 2021 and has seen a 5x growth in credit volume during the first half of 2022 compared to the same period last year.

BillEase was founded by former McKinsey execs Huyen Nguyen, Georg Steiger, and Ritche Weekun. Earlier this year, the firm secured US$11 million in a series B funding round from investors such as Burda Principal Investments, Centauri, and Tamaz Georgadze – CEO and co-founder of European fintech unicorn Raisin DS.

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