Dutch buy bow, pay later platform in3 has scored $11.1m in fresh funding from Finch Capital.
Alongside the funding round, the FinTech company has launched a free BNPL service for consumers through a partnership with digital payments firm Worldline. This will first go live in the Netherlands.
This capital injection will help in3 deepen its technology capabilities, bolster customer satisfaction and hire more staff.
The FinTech company was created in 2018 as a solution to the traditional BNPL market providers.
In3 CEO Hans Langenhuizen said, “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 my perspective.”
The FinTech company allows consumers to pay for products in three instalments over 60 days and at zero costs, with no interest or transaction costs.
Langenhuizen continued to state that this now gives people the ability to pay for products over three monthly salaries, rather than one.
Its current customers include Kwik Fit, EP, La Souris, Matt sleeps, Dekbed-Discounter and others.
in3 claims the BNPL sector in the Netherlands is expected to grow by 74.8% in 2022 to reach $7.6bn. Furthermore, BNPL adoption is expected to grow at a CAGR of 32.8% over the next six years.
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