Dutch BNPL in3 raises $11.1m Series A funding, partners with Worldline
The BNPL boom continues with in3, which has raised $11.1m in funding from Finch Capital and partnered with Worldline to provide customers with free BNPL services.
A leading Dutch ‘buy now pay later’ (BNPL) provider, in3, has raised $11.1m in a Series A funding round from Finch Capital.
The fintech company is also launching free BNPL services for consumers today, starting in the Netherlands, through a partnership with global digital payments provider Worldline.
Founded in 2018, in3 provides more than 1500 online and offline merchants with BNPL options, and offers consumers the chance to pay ‘in three’ instalments at no cost.
Current customers include Kwik Fit, EP, La Souris, Matt sleeps and Dekbed-Discounter.
With revenue increasing 300 per cent annually since 2018, in3 continues to grow its operations rapidly.
Through its partnership with Worldline, in3 will provide merchants with the opportunity to offer BNPL payment services to its customers for free.
“Our founding team was part of the early wave of the BNPL movement in the early 2010s,” in3’s CEO Hans Langenhuizen said.
“It quickly became a crowded market so we stood back and took a fresh look at the BNPL model and saw several limitations in all of the available products,” he added.
He went on to explain how in3 differentiates itself from its competitors, allowing people to pay in three instalments, over 60 days with zero per cent interest.
“This gives the consumer the possibility to buy what they want instead of compromising on quality products,” he said.
Langenhuizen added that the company looks forward to supporting Worldline’s merchants by allowing them to offer BNPL to consumers at no fee.
Managing Director of Sales at Worldline Erwin Oudshoorn said BNPL is a “tremendous value add” in today’s “uncertain times”.
Propelled by the pandemic and a shift to online operations, BNPL in the Netherlands is expected to grow almost 75 per cent in 2022 to reach $7.6bn, so there clearly continues to be plenty of room for growth in this market.