Dutch buy now pay later service provider in3 has scored $85.3m in its Series B funding round.
The investment was backed by British venture firm Force over Mass, Dutch firm Finch Capital and US institutional asset manager Waterfall Asset Management.
With the capital, the FinTech company is eyeing a launch in Germany soon and will process transactions on a larger scale.
Alongside the investment, in3 announced a partnership with Netherlands-based digital payments service Mollie. As part of the agreement, in3 will be offered to millions of consumers through almost every payment service provider in the country, it said.
Launched in 2018, in3 gives consumers the ability to pay for products within three instalments without interest or other hidden costs. Its customers include Kwik Fit, EP, La Souris, Matt sleeps, Dekbed-Discounter, among others.
in3 claims to be unique to other BNPL methods as it doesn’t earn money from the consumer.
Hans Langenhuizen said, “The revenue of many BNPL payment methods is built on fines and consumers suffer from this. 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. With this positioning in the market, we are a disrupter with the aim of changing the entire ecosystem for the benefit of the consumer.”
In3 previously raised $11.1m in its Series A round in March 2022.
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