in3, a Dutch Buy-Now-Pay-Later (BNPL) fintech has just announced that it has raised $85.3 million in Series B debt and equity funding. The investment came from the British VC Force over Mass, U.S. institutional asset manager Waterfall Asset Management LLC and Dutch investor Finch Capital.
This fundraise follows the startup’s $11.1 million Series A round two months back and it takes the total funding raised by in3 to $96.4 million.
Plans to enter Germany
The fintech startup has secured funding at a time when BNPL is becoming an increasingly popular form of short-term financing. As per the market intelligence platform CB Insights, the BNPL market is projected to grow by 10 to 15 times its current volume globally surpassing over $1 trillion in annual gross trading volume by 2025.
in3 will deploy the fresh funds to expand further in the Netherlands and launch its services in Germany soon. The new funds will help us process transactions on a larger scale, both online and in the physical stores.
Hans Langenhuizen, CEO of in3 commented: “We’re thrilled to have secured this funding round. It is testament to the scale and growth of our proposition in the BNPL community. We will be expanding further in the Netherlands through the partnership with Mollie and plan to launch in Germany soon. Over the past year, we have invested in our tech stack and team to prepare for the next phase of the business. We’re grateful to all our investors as we enter our growth phase.”
Partnership with Mollie!
Besides the funding, in3 has confirmed a nationwide partnership with Mollie, one of the largest providers of online payment services in the Netherlands to online and physical stores. As a result, in3 will now be offered to millions of consumers via almost every payment service provider in the Netherlands. Mollie supports more than 130,000 merchants in selling and growing their business online with a simple and clear payment API and a checkout that is optimised for conversion.
“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,” said Ken Serdons, Chief Commercial Officer of Mollie. “We are excited to partner with in3 to offer an alternative, interest-free BNPL payment method, where payment to our merchants is guaranteed. In addition, in3 also attaches great importance to the importance of localization by offering iDEAL, which is an important core value of Mollie. We look forward to exploring similar opportunities in Germany and other European countries together with in3.”
What does in3 do?
Founded in 2018 by Jos Verkleij in Eindhoven, in3 provides over 1,500 online and offline merchants with Buy Now Pay Later payment solutions. Working with payment partners, it offers consumers the ability to pay for purchases in three instalments at zero costs at no interest or transaction costs and without credit registration.
As there is no interest and registration, it gives the consumer the possibility to buy what they want instead of compromising on quality products. It results in a substantial increase in transactions and importantly, a higher average transaction value. With this, buyers more often go for the more expensive products.
Its current customers include Kwik Fit, EP, La Souris, Matt sleeps, Dekbed-Discounter among others.
