The startup offers a financial application that enables consumers to make purchases online using customized installment plans, either interest-free or interest-bearing, as an alternative to traditional credit and debit options. By providing merchants with tailored payment solutions at checkout, the platform enhances consumer purchasing power while minimizing upfront costs.
Funding
$128.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
TRFounders
Product
Problem
Many consumers in emerging markets lack access to traditional credit cards, limiting their ability to make online purchases and manage their finances effectively. Existing payment options often require high upfront costs or carry substantial interest charges, creating barriers to entry for a significant portion of the population.
Solution
First Digital Finance provides a fintech platform that offers customized installment plans, including interest-free options, enabling consumers to make online purchases without relying on traditional credit cards. The platform integrates with e-commerce merchants to provide tailored payment solutions at checkout, increasing purchasing power and affordability for consumers. By leveraging AI and digital processes, First Digital Finance aims to provide easier and more affordable credit options to meet the specific needs of consumers in the Philippines. The company operates under multiple brands, including Billease for general online shopping and Balikbayad for loans to Overseas Filipino Workers (OFWs) and Seamen.
Target Audience
The primary target audience includes consumers in the Philippines who lack access to traditional credit cards and e-commerce merchants seeking to increase sales by offering flexible payment options. Specific segments include online shoppers and Overseas Filipino Workers (OFWs).
Features
- AI-powered credit scoring that combines traditional credit factors with online data to assess risk
- Integration with e-commerce platforms to offer installment payment options at checkout
- Customizable installment plans with both interest-free and interest-bearing options
- Mobile app for managing installment payments and tracking credit limits
- Dedicated platform (Balikbayad) for providing loan products to Overseas Filipino Workers (OFWs) and Seamen