First Digital Finance

About First Digital Finance

First Digital Finance Corporation (FDFC), a fintech company headquartered in Manila, Philippines, was established in 2015 with a mission to advance financial innovation in the country. The company was co-founded by Georg Steiger, who currently serves as CEO, along with two of his former colleagues from the global financial consulting firm McKinsey & Co. Steiger's background in consulting for financial institutions across Asia, with a focus on retail banking and risk management, provided him with insights into the manual-based processes prevalent in the Philippine financial sector. This experience led to the idea of leveraging technology to automate lending processes, making credit more accessible for smaller, more typical transaction sizes.

FDFC operates primarily in the consumer credit market, targeting the unmet financial needs of Filipinos. The company's business model is centered on providing digital lending solutions directly to consumers and through merchant partnerships. Revenue is generated from interest on loans and other financing fees. The company is regulated by the Philippines' Securities and Exchange Commission and the Bangko Sentral ng Pilipinas (BSP).

The company's flagship product is BillEase, a 'buy now, pay later' (BNPL) service launched in 2017. BillEase offers consumers a credit limit for online purchases, allowing them to split payments into interest-free or interest-bearing installments. This service integrates with e-commerce platforms, including major players like Lazada, and serves as an alternative to traditional credit or debit cards. BillEase is utilized by over 500 merchants and several major payment gateways. Beyond BNPL, BillEase provides in-app services such as low-cost cash loans, e-wallet top-ups, mobile loads, and gaming credits. Another of the company's brands is Balikbayad, which provides online loans for Overseas Filipino Workers (OFWs) and Seamen, using a combination of traditional credit factors and an online score to streamline processing.