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Manila Bulletin devider Business devider Banking & Finance devider Local fintech lands investment from TPG's The Rise Fund

Local fintech lands investment from TPG's The Rise Fund

Published Sep 3, 2024 06:28 am

BillEase, a local digital consumer finance platform, has secured an investment from The Rise Fund, a multi-sector initiative under Texas Pacific Group’s (TPG) global impact investing strategy.

In a statement on Tuesday, Sept. 3, BillEase chief Executive Officer Georg Steiger said that this investment would maintain growth in its finance technology (fintech) and expand its product offerings.

“The Rise Fund has built a global track record of helping socially impactful companies scale and their investment will empower us to not only sustain our strong growth but also expand our product offerings to better serve the underserved and underbanked, enabling more Filipinos to improve their living standards,” Steiger said.

The Rise Fund invests in impact entrepreneurs and growth-stage, high-potential, mission-driven companies that have a keen eye on the social and environmental impact.

“Nearly 90 percent of our customers reported an improved ability to manage their finances after using BillEase, and this investment will help us extend that impact to millions more and support our growth as we aim to empower Filipinos to achieve greater financial security,” he added.

Chalothorn Vashirakovit, TPG managing director expressed interest in BillEase to help its position as one of the country’s leading finance applications.

“With our global operations capabilities, deep sector expertise in financial services, and thematic focus towards backing innovative businesses that drive greater financial inclusion,” Vashirakovit stated.

TPG Senior Advisor Lito Camacho further explained that local businesses and individuals have a strong demand for accessible and affordable financial products. He stated that, “Only 18.8 percent of people in the Philippines are reportedly able to borrow money from a formal financial institution or money provider.”

“BillEase is offering a solution that solves that pain point for many, giving access to flexible payment options in a safe and sustainable way.” 

Meanwhile, Burda Principal Investments (BPI), which is BillEase’s lead investor in its Series B, reaffirmed its commitment to support the fintech’s growth trajectory.

BPI has a strong investment track record with internet platforms and visionary entrepreneurs within Europe, US, and Asia.

Related Tags

Fintech The Rise Fund Billease
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