In the Philippines, BNPL services often rely on card payments but less than 5% of the adult population owns a credit card and cash on delivery remains the primary mode of payment, according to the company.
BillEase said it has grown its merchant partners from 100 to 700 over the course of a year, which include local and international brands such as Samsung, Philippines Airlines, and others. Lendable, the provider of the debt facility, finances tech companies that facilitate consumer and MSME credit, asset finance, payments, remittances, and digital marketplaces.
The new funding comes three months after BillEase raised USD 11 million in its Series B funding round led by Carsome-backer Burda Principal Investments, the growth capital arm of German media and tech company Huber Burda Media.
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