According to the recent Research & Markets report, the Buy Now Pay Later (BNPL) sector in the Netherlands is expected to grow by 74.8% in 2022 reaching $7.6 billion. This growth has been spurred on businesses moving online and by the rapid advent of e-commerce. The pandemic has also helped propel the move to online. Looking ahead, the BNPL payment adoption is expected to grow steadily at a CAGR of 32.8% over the next six years.
Tapping into this segment, Dutch BNPL fintech business in3 has brought in $11.1 million funding. The round was led by Finch Capital. The funding will be used to further build out the technology platform and continuously invest in improved customer satisfaction.
The startup has also launched free BNPL services for consumers, starting in the Netherlands, through an innovative partnership with global digital payments leader Worldline.
Through the partnership, the platform will provide them with a technology stack that will allow both online and offline merchants, who are part of the Worldline network, to offer BNPL payment services to its customers without additional integrations.
Founded in 2018 as an antidote to the traditional BNPL market, it is offering consumers the ability to pay for purchases in three instalments at zero costs: no interest or transaction costs and without credit registration.
Hans Langenhuizen, CEO, in3: ““in3 offers BNPL to consumers without costs which effectively allowed people to pay in 3 instalments within sixty days, with 0% interest. Because of the term of 60 days, a registration in the credit registers is not required. This gives the consumer the possibility to buy what they want instead of compromising on quality products. For example, you can buy that refrigerator at no extra cost and then you have three salaries to pay for it. Our merchants profit from in3 in their checkout as well. It results in a substantial increase in transactions and importantly, a higher average transaction value.”