Buy now, pay later (BNPL) platform Billease is optimistic on sustained growth as it is getting 90-percent repayment rate among customers.
Since starting operations in 2017, the digital credit mobile application firm has served over 10 million customers and disbursed over P100 billion in loans, according to Billease CEO and co-founder Georg Steiger.
Steiger said he sees loan disbursement level this year alone to reach PHP10 billion with an additional P5 billion next year, to be buoyed further by their acquisition of the Rural Bank of Sta. Maria – Ilocos Sur (RBSM).
He declined to give figures on how much was spent for the acquisition, but said they intend to grow their business by initially serving as the bank’s lending partner.
Billease started its business by providing loans, allowing its officials to learn about the customers’ lending needs.
For his part, RBSM president and CEO Dennis Valdez, said the new system is a reversal of the process of opening a digital bank, which gathers additional funding through deposits and then use this for lending activities.
Valdez said they want to maximize their banking license, through RBSM, to further grow the business, but disclosed of a plan to eventually apply for the digital banking license, which the Bangko Sentral ng Pilipinas (BSP) is encouraging players to do.
For now, he said they want to focus on integrating Billease’s technology in RBSM as well as improve its capitalization and strength governance.
“We are now in the process of completely transforming our core systems to get ready for digital-centric banking, with plans to launch our new suites of banking products next year,” he said.
BILLEASE PHOTO