Billink, a Netherlands-based buy now pay later (BNPL) fintech has raised €29.5 million from the German Varengold Bank which it plans to use to expand to the German market and to the top-50 largest Benelux web shops.
Billink is a payment solution where payment is only made after shoppers receive purchases. The goal is simple. To make buying online fairer, for both consumers and web shops, by bringing the same level of assurance consumers have in offline transactions online.
Since its first BNPL transaction in 2012, Billink has reportedly amassed 3 million users with over 3,000 web shops currently offering its payment service. According to the firm, the scale-up has also gained ground in the business market, where 20% of all companies registered in the Dutch Chamber of Commerce have made at least one payment using the solution. Of the €29.5 million raised from Germany-based Varengold Bank, €4.5 million is directly committed.
“Offline, a consumer is used to paying only after receiving a service or product. Online, you pay in advance, just assuming that everything goes well and your purchase is to your liking. We think that’s unfair,” Frank Waagmeester, CEO of Billink said.
“We are now working on Billink Check-out 2.0, which makes the customer experience even more personal and helps web shop owners further optimise conversion. For this we are not only talking to the largest web shops in the Benelux about their challenges and needs, we are also developing our own AI application,” he added.
