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BillEase
editBillEase is a leading Philippine consumer finance app offering a variety of financial services beyond its core strength: buy now, pay later (BNPL). The app’s BNPL feature provides users with flexible payment options and the ability to make purchases in card-free installments. BillEase goes beyond BNPL, offering a comprehensive suite of financial tools including personal loans, e-wallet top-ups, prepaid load purchases, gaming credits, and bill payments.
Launched in 2017, First Digital Finance Corporation's (FDFC) flagship product, BillEase, serves as a testament to its commitment to financial inclusion for Filipinos and to disrupting the retail credit sector in Southeast Asia. It's a financial technology pioneer dedicated to empowering Filipinos with innovative and accessible financial solutions.
BillEase is now available to more than 10,000 merchant partners. Through a recent partnership with Asia United Bank (AUB) and integration with QR Ph, BillEase has expanded its reach to over 600,00 merchants using QR Ph, further empowering Filipinos to manage their finances effectively.
History
editFirst Digital Finance Corporation was established in 2015. It is regulated by Securities and Exchange Commission as a financing company (CoA No.: 1101) and by the Bangko Sentral ng Pilipinas as an Operator of Payment System (OPSCOR-2021-0007).
Its mission is to drive financial innovation in the Philippines by leveraging digital processes to meet the needs of over 34.3 million Filipinos who remain unbanked.
FDFC's flagship brand was Balikbayad, providing loans for Overseas Filipino Workers (OFWs) and seamen. Balikbayad combines traditional credit factors with an online score to reduce paperwork, processing time, and cost.
In 2017, BillEase was launched, initially providing card-free installment plans for online shopping on Lazada. It gained popularity among customers through its instant approval and personal loan, especially for unbanked customers.
Funding
edit- January 2022: BillEase raised $11 million in a Series B round led by Burda Principal Investments, along with MDI and KB Invest as key participants. The funds raised in this round were aimed at advancing the company’s growth, and technological capabilities and widening its service offerings.
- April 2022: In April of the same year, the company secured an additional $20 million in a Debt Financing round from Lendable. These funds were intended to bolster BillEase's loan book and to expand its user base.
- September 2022: BillEase secured another $20 million in debt financing led by Helicap. This funding round focused on augmenting the company’s lending capital to meet the growing demand for its credit services.
- April 2024: BillEase secured an investment (US$5 million) from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International. This investment expanded BillEase's existing Helicap-led credit facility to US$40 million.
Features
edit- Lazada - App users can use BillEase to top up their e-wallet on the leading Southeast Asian e-commerce platform, Lazada.
- Shops - A customizable buy now, pay later payment solution that allows users to make purchases to partner merchants and defer the payment to a later date via card-free installments.
- Personal Loan - Allows users to borrow a specific amount of money that they commit to paying back within a set period. Interest rates and repayment terms can vary based on the user's credit score and other factors.
- Mobile Load - Allows users to purchase mobile airtime credits directly from the app and pay later.
- E-wallet - Enables app users to top up their e-wallet on GCash, Maya, GrabPay, and Coins.ph, ShopeePay, and Bayad.
- Gaming Credits - For the gaming community, this feature allows users to purchase credits or virtual currency for online games.
- Cable - Allows app users to settle their cable bills for providers like GPinoy, GSat, Cignal, SatLite, and VIU.
- Bills - Allows users to pay monthly utility bills such as electricity, water, internet, and more. Through a partnership with Bayad, users can settle their bills via card-free installments.
- Limit Boost™: allows BillEase users to temporarily increase their purchase limits for transactions at over 10,000 merchant partners. It is perfect for when you’re eyeing a bigger purchase than your current limit allows.
- QRPh Ready: bring QRPh to our customers, unlocking more opportunities for them to conveniently scan and pay wherever QRPh is accepted. BillEase is now available in more than 600,000 merchants nationwide.
Partners
editBillEase collaborates with a network of partners across various industries. In May 2023, BillEase announced a partnership with SM Supermalls[1]. Other partners span across sectors like electronics, home improvement, marketplaces, food & grocery, health & wellness, mom & kids, fashion, automotive, travel, education, and payment gateways.
BillEase launched its integration with QRPh, the national QR code standard. The new feature, enabled through a partnership with Asia United Bank (AUB), will enable BillEase users to have a seamless checkout experience.
Recognitions
editIn 2023, BillEase was listed as one of the Top 5 Emerging Fintechs in the Philippines, associated with a reported increase in demand for online loans and mobile wallets.[2] In 2024, BillEase received an award from Esquire Philippines as the Editors' Choice for Consumer Finance App.
References
edit- ^ "BillEase partners with SM Supermalls to offer cardless installment payments nationwide". Manila Bulletin. Retrieved September 24, 2023.
- ^ "Top 5 Emerging Fintechs in the Philippines to Watch in 2023". Fintech News Philippines. 21 February 2023. Retrieved 2023-09-24.
[4] [5] [6] [7] [8][9] [10] [11] [12] [13] [14] [15] [16] [17]
- ^ "Lazada, BillEase offer zero-interest installment on essential goods". Manila Standard. 2 April 2020. Retrieved April 2, 2020.
- ^ "Philippines 'buy now, pay later' startup BillEase scores $11M Series B". TechCrunch. 19 January 2022. Retrieved January 20, 2022.
- ^ "Billease logs $57M revenue". SunStar Philippines. 8 April 2024. Retrieved April 8, 2024.
- ^ "Xendit launches cardless installment option in PH". Manila Standard. 26 February 2021. Retrieved February 26, 2021.
- ^ "EdTech Platform Refocus offers Study Now, Pay Later up to 12 months at 0% interest, no down payment with BillEase". Manila Standard. 10 March 2022. Retrieved March 10, 2022.
- ^ "BillEase introduces credit line with e-wallet function". Manila Standard. 21 June 2024. Retrieved June 21, 2024.
- ^ "BillEase eyes 50% income rise". BusinessWorld Online. 20 June 2024. Retrieved June 21, 2024.
- ^ "BillEase introduces QRPh integration, expands payment flexibility". Daily Guardian. 8 May 2024. Retrieved May 9, 2024.
- ^ "National Book Store offers BNPL in partnership with BillEase". Back End News. 9 July 2023. Retrieved July 9, 2023.
- ^ "BillEase & Asia United Bank launch QRPh integration in Philippines". IBS Intelligence. Retrieved May 10, 2024.
- ^ "BillEase announces launch of QRPh integration". YugaTech. 7 May 2024. Retrieved May 7, 2024.
- ^ "Philippines' BillEase partners with Alipay+". Tech in Asia. Retrieved January 18, 2024.
- ^ "PH fintech BillEase integrates QRPh in platform with AUB partnership". Asian Banking & Finance. 8 May 2024. Retrieved May 8, 2024.
- ^ "BillEase and Alipay+ Unveil Auto-Debit Feature to Simplify Digital Payments". Fintech News. 13 December 2023. Retrieved December 13, 2023.
- ^ "BillEase and Razer Merchant Services to Boost BNPL Services in the Philippines". Fintech News. 22 January 2024. Retrieved January 22, 2024.
- ^ "BNPL BillEase Reports Double Revenue, Loan Disbursement Growth in 2023". Fintech News. 4 April 2024. Retrieved April 4, 2024.
- ^ "BillEase Credit Facility Grows to US$40M with new Saison International Investment". Fintech News. 25 April 2024. Retrieved April 25, 2024.
- ^ "Editors' Choice for Consumer Finance App: BillEase". Esquire Philippines. Retrieved June 16, 2024.
- ^ "BillEase Revenues Doubled in 2023, Eyes 50% Net Income Increase in 2024". Fintech News. 24 June 2024. Retrieved June 24, 2024.
- ^ "Billease Partners with AUB to Unveil QRPh Integration for Seamless Transactions". Fintech News. 6 May 2024. Retrieved May 6, 2024.