Lending

BNPL BillEase Reports Double Revenue, Loan Disbursement Growth in 2023

BillEase, a consumer finance and buy now, pay later application operating in the Philippines, has released its preliminary unaudited financial results for 2023, indicating a period of considerable growth. The company reported that its revenue reached US$57 million and net income was US$7 million for the year, after serving a customer base of over 800,000.

The data provided show that revenue and loan disbursements doubled from the previous year. BillEase also noted a Return on Equity (ROE) growth of 47%, surpassing the usual performance range of 5% to 15% for traditional banks in the Philippines. Its Return on Assets (ROA) was reported at 14%, suggesting effective asset management and profitability.

Georg Steiger

Georg Steiger, CEO and Co-Founder of BillEase, remarked,

“Our success in 2023 can be attributed to three key factors: offering a top-priority product for our customers – lending with good terms, building long-term relationships with our partners and customers, and maintaining efficient operations and risk management.”

He outlined plans for the company’s growth, which include investing in the team, launching new financial products, further integrating artificial intelligence (AI) into operations, and expanding the company’s reach and engagement with merchants.

In 2023, BillEase says it achieved a milestone by integrating with Alipay+, becoming one of the first credit-focused fintech in the Philippines to offer services with global merchants like Agoda. This expansion was supported by collaborations with major payment gateways and aggregators, significantly increasing its merchant network.

Additionally, BillEase introduced a bill payment feature, offering more flexible payment options for utilities through a partnership with Bayad, a major payment collection system in the Philippines.

The company reported that it’s efforts towards financial inclusion and sustainable growth were acknowledged when it received the “Top Performing Financial Service Provider for Repayment Burden in Asia” award from 60 Decibels, in their annual Microfinance Index Survey Report.

BillEase is preparing for a Series C equity financing round, aiming to expand its consumer loan portfolio and further establish its presence in the Philippine fintech market.

Featured image credit: Edited from BillEase