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BillEase doubles revenue to $57M and achieves profitability in 2023.
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The company attributes success to offering top-priority products.
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BillEase plans to raise Series C funding, roll out new products, and integrate AI.
BillEase, a Philippines-based buy now, pay later player, has announced a remarkable financial performance in 2023.
The company doubled its revenue to US$57 million compared to the previous year and achieved full-year profitability, generating a net income of US$7 million. This marks a significant increase from the US$1.5 million net profit reported in August.
The 3 key factors for success
CEO Georg Steiger attributed the company’s success to three key factors: offering a top-priority product for customers (lending with good terms), building long-term relationships with partners and customers, and maintaining efficient operations and risk management.
BillEase’s customer base grew to 800,000 in 2023 from 650,000 the year before, and the firm posted an impressive 47% return on equity by end-2023, surpassing the average achieved by traditional banks in the Philippines.
BillEase’s full agenda ahead
Looking ahead, BillEase is preparing for a series C funding round, following its US$11 million series B round led by Burda Principal Investments two years ago.
The company plans to roll out new products, recruit top-level executives, and integrate AI more deeply into its operations. In 2022, BillEase’s partnership with companies like Alipay+ and Agoda helped its merchant network grow over 3x to 10,000.
To read the original article: https://www.techinasia.com/billeases-revenue-double-57m-2023-hits-fullyear-profitability
