Consumer finance app BillEase has closed an up to US$20 million debt facility arranged by Singapore-based Helicap Securities, bringing the total raised by the lending platform to US$55 million in debt and equity.

The company previously raised US$11 million in a Series B round led by Germany’s BurdaPrincipal Investments and US$20 million in secured debt from UK-based Lendable.

BillEase is an on-demand credit and finance platform that provides services such as personal loans, e-wallet top-ups, prepaid load, gaming credits.

Its buy now, pay later facility is currently accepted as a payment method by over 1,000 brands and small businesses and is offered by seven major payment gateways in the Philippines.

The company says that its H1 2022 volumes are up 5x compared to the same period last year and that it has disbursed more than three million loans so far with the majority going to female customers and consumers with no previous credit history.

BillEase also launched its in-store QR payment solution earlier this year to tap into payment transactions that usually happen offline, as well as payment links which is now highly used in social commerce.

“Being able to collateralise our loan book allows us to access funding to continue serving our fast growing, underserved customer base,”

said Georg Steiger, CEO and Co-Founder of BillEase.

“We are excited to support BillEase’s growth with this debt facility. We are impressed by the company’s growth over the past 3 years and its mission to further financial inclusion in the Philippines,”

said Zhiwei Tan, Executive Director of Helicap Securities.