BillEase, a buy now, pay later (BNPL) app and consumer finance platform in the Philippines, announced a $5 million investment from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International Pte. Ltd.
This funding is part of an expansion that doubles BillEase’s existing credit facility led by Helicap, a Singapore-based fintech lending platform, from $20 million to $40 million, Business News Asia reported.
Saison International serves as the international headquarters of Credit Saison, one of Japan’s largest lending conglomerates.
The investment represents SIMPL’s first foray into the Philippine credit sector and underscores their commitment to supporting underserved markets.
Kosuke Mori, CEO of Saison International, highlighted the strategic importance of the Philippines as a rapidly growing digital economy in Asia.
“We hope to build our presence in the market and play a catalytic role in expanding the Philippine digital financing ecosystem, unlocking greater economic opportunities for individuals and households,” Mori stated.
BillEase is noted for its innovative approach to financial services, providing not just BNPL solutions but also personal loans, e-wallet top-ups, prepaid load, gaming credits, and bill payments.
This breadth of services is particularly impactful in the Philippines, where 65% of the population remains unbanked.
Claudia Rojas, Head of SIMPL, praised BillEase’s role in driving financial inclusion.
“Our partnership is creating meaningful impact by building credit history for a large segment of the population, thereby enhancing financial access,” Rojas said.
In 2023, BillEase achieved profitability, doubled its revenue year-over-year, and served over 800,000 customers. The company reported a 47% return on equity, significantly outperforming traditional banks in the Philippines.
David Z Wang, Co-founder of Helicap, expressed enthusiasm about the partnership.
“This investment underscores BillEase’s potential to drive financial inclusion and uplift underserved communities in the Philippines. With this additional capital, we can accelerate growth and offer affordable financial services to even more customers across the country,” Wang stated.
Garret Go, CFO of BillEase, also highlighted the strategic importance of the new funding.
“This investment from SIMPL is a tremendous vote of confidence in our mission and future growth potential. As we continue to scale our consumer loan offerings, we are exceptionally well-positioned to expand access to affordable financial services across the Philippines,” Go said.
The additional $20 million in funding will enable BillEase to rapidly grow its loan portfolio and launch new credit products tailored to the needs of its over 1 million users.
