Dutch Buy Now, Pay Later service Billink has raised €29.5 million from Varengold bank.

Billink will use the money from the German bank to expand its offering in the Benelux region and enter the German market.

Around €5.5 million is earmarked for Billink to start serving the top 50 shops in the Netherlands and free up working capital.

The firm said it currently has around three million uses, with roughly 20 per cent of all companies registered in the Dutch Chamber of Commerce having made a payment using Billink.

“We differentiate ourselves by being a 'local hero'," says Frank Waagmeester, chief executive of Billink. "We have been active in the payment market in the Benelux for over a decade and understand the challenges of our web shop owners.”

Waagmeester added: “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."

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