Billink, a Dutch Buy Now Pay Later (BNPL) firm, announced that it has secured €29.5M in a fresh round of funding from German Varengold Bank.
The funds will facilitate expansion into the German market, enhance services for the top 50 Benelux web shops, and support the company’s goal of making online transactions as secure as offline ones. Billink currently serves 3 million customers.
Billink is set to compete internationally against Sweden’s Klarna and Germany’s Riverty (formerly AfterPay).
What does Billink offer?
Billink, a Dutch payment platform based in Gouda, aims to make online shopping enjoyable, simple, and secure. Founded in 2009, Billink collaborates with 3,000 sales partners in the Netherlands and Belgium.
Billink is pioneering a model where payment occurs post-receipt of purchases. The scale-up has extended its presence in the business market, with 20 per cent of all companies registered in the Dutch Chamber of Commerce having made at least one payment using Billink’s solution.
Frank Waagmeester, CEO of Billink says, “We differentiate ourselves by being a ‘local hero’. We have been active in the payment market in the Benelux for over a decade and understand the challenges of our web shop owners.”
“We see this reflected in, among other things, high customer retention and satisfaction on a score and a 4.7 Trustpilot rating, the highest in the market. With this great foundation, we are ready to take the next step.”
Following a thorough process overseen by Philip Niemeyer, Executive Director A-DCM, Billink has formed a partnership with the German Varengold Bank.
This funding will facilitate Billink’s service extension to the top 50 online shops in the Netherlands and provide working capital to expedite its entry into the German market.
Billink aims to be the most dependable online payment method, emphasising innovation and customer satisfaction.
CEO Waagmeester says, “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.”
“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.”