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in3 secures $11.1m Series A from Finch Capital and partners with Worldline for free BNPL services

By Joy Dumasia

March 11, 2022

  • BNPL
  • Buy Now Pay Later
  • Digital Lending
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in3, a leading Dutch Buy-Now-Pay-Later (BNPL) FinTech business, has announced a $11.1 million funding round from Finch Capital as growth soars. In addition to this, in3 are launching free BNPL services for consumers, starting in the Netherlands, through an innovative partnership with global digital payments leader Worldline. 

Working with payment service partners, in3 offers consumers the ability to pay for purchases in three instalments at zero costs: no interest or transaction costs and without credit registration. Current customers include Kwik Fit, EP, La Souris, Matt sleeps, Dekbed-Discounter. Through their partnership with WorldLine, in3 will provide them with a technology stack that will allow both online and offline merchants, part of the Worldline network, to offer BNPL payment services to its customers without additional integrations. 

The BNPL payment 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 developing eCommerce, more generally. The pandemic certainly helped propel the move online. Looking ahead, the BNPL payment adoption is expected to grow steadily at a CAGR of 32.8% over the next 6 years. The BNPL Gross Merchandise Value in the country will increase from $4.3 billion in 2021 to reach $41.7 billion in 2028. 

Hans Langenhuizen, CEO in3, said: “We will be supporting Worldline’s merchants by enabling them to offer BNPL to consumers at no fee. We look forward to working with their team and customers. This is testament to the robust platform of in3 and our dedicated team to create seamless integrations with all our partners.” 

in3 was created in 2018 as an antidote to the traditional BNPL market; Hans Langenhuizen reflected on the early days: “Our founding team was part of the early wave of the BNPL movement in the early 2010s. 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. First, you need to pay the full amount within 14 days, and there are very low spending limits. At the same time, we noticed a demand to pay larger expenses in instalments. But paying in instalments has even more disadvantages for consumers, such as high-interest rates, and they are documented in their national credit register. These products benefit from people who cannot afford to buy at one time. This was not sustainable from perspective.” 

“in3 was our honest approach to offer 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. We see that the buyer more often goes for the more expensive product.” 

Erwin Oudshoorn, Manager Direct Sales Netherlands, said: “BNPL is a tremendous value add for merchants in today’s uncertain times, and we are thrilled to work with the team at in3 to expand our service offerings.” 

To support the company’s rapid growth, In3 has secured a $11.1m funding round from Finch Capital. The capital will be used to build the technology platform further and continuously invest in improved customer satisfaction through strategic hiring across the entire team. 

Radboud Vlaar, MD Finch Capital, said: “in3 has demonstrated a steady and consistent growth trajectory due to its strong technological capabilities and management, which has enabled it to provide BNPL to Dutch consumers through integrations with payments providers. The company is enabling a truly omnichannel payments solution.”

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