It gives merchants customizable installment plans. This means shorter checkout times and also enables BillEase to offer lower interest rates, at about 3.49% compared to 7% to 12% for other BNPL loans, Steiger said.
BUY NOW PAY LATER APPS PHILIPPINES SOFTWARE
Mexican BNPL player Kueski secures $202M in debt & equity as it nears $100M+ in ARRĪnother differentiator is that BillEase built and owns its credit, fraud and payment software stack, and can approve more than 90% of BNPL loans instantly with it model. The new funding brings BillEase’s total raised to about $15 million in equity, and will be used for customer acquisition, developing new products and hiring. Since the Philippines’ payment sector is fragmented, customers can pay back their BNPL loans a variety of ways, including digital wallets, bank transfers, direct debit, linking their bank account or over-the-counter payments in physical stores like 7-Eleven. Its BNPL is also available through payment gateways Xendit, Paynamics, 2C2P, Dragonpay and BUX, and it offers an app with personal loans, top-ups for digital wallets like GCash, PayMaya, Coins.ph, GrabPay and Shopee Pay, as well as mobile phone and gaming credits. It can now be used at more than 500 merchants, including consumer electronics seller Kimstore and Philippine Airlines. Operated by fintech First Digital Finance Corporation, BillEase launched in 2017, with shopping marketplace Lazada as its first merchant partner.
Other participants included Centauri, a joint investment vehicle between MDI Ventures and KB Investment, and Tamaz Georgadze, CEO and co-founder of Raisin DS. The round was led by BurdaPrincipal Investments, the growth capital arm of Hubert Burda Media.
BUY NOW PAY LATER APPS PHILIPPINES SERIES
Today, one of the country’s biggest BNPL providers, BillEase, announced it has raised an $11 million Series B. Buy now, pay later (BNPL) startups are proliferating around the world and the Philippines is no exception.
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