(from left) BillEase co-founders Georg Steiger, Huyen Nguyen, and Ritche Weekun, CFO Garret Go
SINGAPORE, April 25, 2024 – BillEase, a leading consumer finance and buy now pay later app in the Philippines, today announced an investment of US$5 million from Saison Investment Management Private Limited (SIMPL), the offshore lending arm of Saison International Pte. Ltd. Saison International is the international headquarters of Japan’s Credit Saison, one of Japan’s largest lending conglomerates. This latest funding round expands BillEase's existing Helicap-led credit facility from US$20 million to US$40 million, which had already included participation from various investors such as the Helicap Income Opportunities Fund, several institutional credit investors, and high-net-worth individuals.
"Our investment in BillEase represents our only exposure to the growth in the Philippines’ credit sector at this moment, and aligns with our commitment of providing financial solutions for the underserved segments of markets globally. The Philippines is emerging as one of the fastest growing countries in Asia post-COVID, with a huge population that is rapidly digitizing. With this as a backdrop, we hope to build our presence in the market, and play a catalytic role in enlarging Philippine’s digital financing ecosystem, to unlock greater economic opportunities for individuals and households," said Kosuke Mori, CEO of Saison International.
“We are impressed by the growth trajectory that BillEase is experiencing, and its innovative approach to going beyond a pure BNPL platform into a comprehensive mobile lifestyle app. With 65% of the population unbanked and more than 80% of the country’s transactions still paid with cash, our partnership with BillEase through Helicap is driving financial inclusion by building a credit history for a large share of their customers, and creating meaningful impact for a broader segment of the population in the Philippines,” said Claudia Rojas, Head of SIMPL.
BillEase, which offers personal loans, e-wallet top-ups, prepaid load, gaming credits, bills payment, and buy now, pay later (BNPL) solutions, achieved profitability in 2023. The company's revenue doubled year-over-year, and it served over 800,000 customers, delivering an impressive 47% return on equity that outperformed traditional banks in the Philippines.
"We are thrilled to have SIMPL as an investor in BillEase," said David Z Wang, Co-founder of Helicap, a Singapore-based fintech company. "Their investment underscores the immense potential of BillEase to drive financial inclusion and uplift underserved communities in the Philippines. With this additional capital, BillEase can accelerate its growth and bring affordable financial services to even more customers across the country. This partnership exemplifies our shared vision of leveraging technology to create economic opportunities."
Garret Go, CFO of BillEase said: "This investment from SIMPL is a tremendous vote of confidence in BillEase's mission and future growth potential. Coming off a year where we achieved profitability and doubled our revenues, we are extremely well-positioned to scale our consumer loan offerings and expand access to affordable financial services across the Philippines."
The additional US$20 million in funding from the expanded facility will allow BillEase to rapidly grow its loan portfolio and launch credit products tailored to the needs of its over 1 million users.
Investment involves risk. Past performance is not necessarily a guide to future performance or returns. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down.
Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Helicap Pte. Ltd. (“Helicap”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Helicap, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or and independent legal, accounting, regulatory or tax advice, as appropriate.
