Billink Raises $32 Million as Consumers Increasingly Expect BNPL

Buy now, pay later provider Billink aims to enter new markets after raising $32 million.

The Dutch company said in a Thursday (Jan. 18) press release that the new funding will let it expand to the top 50 online shops in the “Benelux” (Belgium, the Netherlands and Luxembourg) region, enter the German market, and contribute to its goal of making buying online “fairer.”

“Offline, a consumer is used to paying only after receiving a service or product,” CEO Frank Waagmeester said in the release. “Online, you pay in advance, just assuming that everything goes well and your purchase is to your liking. We think that’s unfair.”

To that end, Billink only makes payment after the customer has received their product, according to the release. Since its launch in 2012, Billink has gained 3 million users and is accepted in 3,000 web shops, with 20% of the companies registered with the Dutch chamber of commerce making at least one payment with the solution.

Waagmeester said in the release the company is working on “Billink Check-out 2.0,” designed to make “the customer experience even more personal and [help] web shop owners further optimize conversion” by talking to web shops about their needs and employing an in-house artificial intelligence application.

The funding comes as BNPL users are expressing a desire for lower fees and swift decisions on their applications, according to “Tracking the Digital Payments Takeover: What BNPL Needs to Win Wider Adoption,” a PYMNTS Intelligence report.

The report found that the convenience of applying for BNPL and getting prompt responses is a critical feature desired by nearly a quarter of BNPL users.

“To maintain a competitive edge in the booming market, BNPL providers must prioritize meeting these consumer demands, from integrating rewards programs, extending higher credit limits and simplifying application processes to expediting decisions and expanding availability,” PYMNTS wrote earlier this month.

Meanwhile, Jacqueline White, president of i2c, said in an interview with PYMNTS posted Jan. 2 that in 2024, BNPL will be increasingly on consumers’ radars as a payment method they expect from all financial institutions and merchants.

“More consumers are looking to use BNPL to pay for the necessities of life … all the way around to fun things like travel and entertainment,” she said.