Hello Betamax, Many VCs have told me that the pandemic - and the funding drought that came with it - had its silver linings. One was that surviving companies showed they were worth investing in. It makes sense, as the tough times forced founders to adapt and rethink their businesses in a landscape where falling back on another funding round was nearly impossible. As this edition's featured story demonstrates, this was the same case for the buy now, pay later industry. Since our last update on the state of the sector in 2024, the pure-play BNPL model has essentially been phased out. In fact, companies like Atome and BillEase have been pushing out more financial products to complement their core BNPL offerings. Atome, in particular, has rolled out its savings feature in the Philippines. BillEase, meanwhile, is going the digital banking route, acquiring the Rural Bank of Sta. Maria to fast-track its product expansion. This development has driven profit growth across BNPL firms, according to consultants at Redseer. Now, the test is whether these companies can maintain the trajectory as they develop their services further. Miguel Cordon, journalist | 
