Billink, a Buy Now, Pay Later (BNPL) service provider, has announced that it has managed to raise $32 million in investment funds.
The mentioned company is based in the Netherlands. In a press release from the financial services provider published last Thursday, January 19, it is noted that the received investment funds will expand the service network to the 50 largest online stores in the Benelux region, which includes Luxembourg, the Netherlands, and Belgium. The company also intends to start operations in the German market. The global goal of a financial service provider is to implement efforts aimed at making shopping in the virtual space a more fairer process.
Frank Waagmeester, CEO of Billink, says that in offline mode, the consumer is used to transferring payments only after receiving the goods or upon providing the service. He noted that on digital commercial platforms, users pay in advance, being convinced that all the procedures provided in this case will go well and the purchase will satisfy the need. In his opinion, this interaction algorithm is not fair.
Billink makes the payment only after the customer has reported about the receipt of the product or service. The financial services provider started its operations in 2012. Since then, the company has built a customer base that includes 3 million users. Billink interacts with 3,000 online stores. Currently, 20% of firms registered with the Dutch Chamber of Commerce make at least one payment transaction using a solution offered by a financial service provider.
The company strives to offer the most reliable way to make online payments. The financial services provider is focused on innovation.
Frank Waagmeester also reported that his company is currently working on Billink Check-out 2.0. According to him, this solution will make the interaction of a financial service provider with customers more individual. He also noted that by applying Billink Check-out 2.0, online store owners will be able to improve conversion optimization. Frank Waagmister stated that an artificial intelligence app would be used in this case.
Currently, consumers of BNPL services demonstrate a desire for lower fees and swift decisions on their applications. In this case, almost 25% of users of relevant financial solutions determine the convenience of applying and getting prompt responses as the most important aspects. To maintain a competitive advantage, BNPL suppliers should focus on meeting the mentioned needs. Also in this context, important actions are the integration of reward programs, the extension of higher credit limits, and the simplification of application processes to increase the speed of decision-making.
Jacqueline White, president of i2c, in early January, during a conversation with media representatives, said that BNPL will increasingly be in the consumer’s attention zone. According to her, customers expect that all financial institutions and sellers will offer appropriate solutions. She says that the number of consumers who seek to use BNPL to pay for necessities is increasing.
As we have reported earlier, Zilo Raises £25 Million in Series A.