By Amelia Isaacs on Wednesday 18 May 2022
Mollie’s millions of consumers will now have access to ‘socially responsible’ BNPL services with in3.
Hot off the heels of an $11.1m Series A funding round just two months ago, Dutch ‘buy now, pay later’ (BNPL) in3 has landed another raise.
This time the Netherlands-based fintech has secured $85.3m in Series B funding and partnered with another Dutch company, Mollie.
The online payment service provider supports more than 130,000 merchants in selling and growing their business online, and in3 will now be offered to its millions of consumers via almost every payment service provider in the Netherlands.
The funding round, a combination of debt and equity, included Force over Mass, Waterfall Asset Management and Finch Capital, and will be used to expand across the Netherlands with Mollie, then to Germany and across Europe.
“Over the past year, we have invested in our tech stack and team to prepare for the next phase of the business,” in3 CEO Hans Langenhuizen said.
“The new funds will help us process transactions on a larger scale, both online and in the physical stores.”
One of Europe’s fastest-growing payment service providers, Mollie will help in3’s expansion plans by providing access to millions of customers in the Netherlands.
"Consumers don't always have the financial means to buy what they need at that moment. By giving more flexibility with BNPL, the conversion and average order value can be increased," Mollie chief commercial officer Ken Serdons said.
“We are excited to partner with in3 to offer an alternative, interest-free BNPL payment method, where payment to our merchants is guaranteed.”
Unlike other popular BNPLs, the company allows users to pay in three instalments over 60 days with no interest fees,
Having a “socially responsible” approach to BNPL is key for in3, and it does not make any money from consumers, but from the businesses directly.
“The BNPL market is growing rapidly but we are mindful of protecting consumers against over-credit,” Langenhuizen said.
“We have a reversed business model and we benefit when the consumer pays on time. We are the first BNPL party at European level to have set up the business model in this way and we believe that this is of decisive importance to be successful,” he added.