Why we sold in3 to TrueLayer

We backed in3 on a single conviction: that the future of European payments runs on bank rails, not card networks. This combination of in3, the Dutch consumer-credit fintech, and TrueLayer, Europe's leading Pay by Bank network, is that conviction playing out, and the reason we decided to sell.

Why we backed in3

When we led in3's growth round in March 2022, the BNPL market was crowded, but almost everyone was building on the same foundation: card rails. in3 was different. Hans Langenhuizen and his team had built a credit model designed specifically for account-to-account payments, with interest-free instalments, no hidden fees and no credit registration. It was fair to consumers, valuable to merchants, and built on the rails we believe the future of payments belongs to. Most importantly, it was a B2B2C distribution channel, unlike others, which allowed us to work closely with payment service providers and merchants to create the best outcomes.

We backed that conviction with €10m of growth capital and went on to help in3 secure a €75m debt facility, leveraging our network to fund the loan book that underpins the business. Over the life of our investment, in3 grew from a fast-scaling Dutch challenger into a leading European BNPL provider serving millions of consumers and thousands of merchants. With a team of 22, in3 grew payments volume roughly fourfold to a ~€220m annual run-rate, showing the operating leverage to approach financial independence in this vertical.

What set in3 apart was discipline. While much of the BNPL sector chased growth at any cost, in3 took the harder path: years spent building credit on bank rails rather than bolting it onto cards. Slower to build, but it worked: flexible credit at checkout that lifts merchant order values by around 20% and conversion by 20-30%.

Why we sold, an advancing thesis

We back companies building Europe's independent payments infrastructure. US card networks still process around 95% of UK card transactions and a similar majority across the continent, and we think that dependence is both a risk and an opportunity. Even most BNPL providers haven't broken free of it: the household names still settle on card rails. in3 was built differently, on account-to-account infrastructure from the ground up.

TrueLayer is building the alternative. Its network reaches more than 25 million consumers across 22 countries and processes over $150bn in annualised payment volume. By bringing in3's credit model into that network, TrueLayer becomes the only Pay by Bank network in Europe to offer both debit and credit at checkout. For the first time, consumers can choose to pay instantly or over time, directly from their bank account, in a single experience.

For in3, this is the platform to bring its credit model to millions more people across an independent European network. For the market, it's a real step toward a home-grown European alternative to the card networks. For us, it's the thesis advancing: a stronger, independent European network is exactly the outcome we invest to create, and selling in3 into it is how we help build it.

Thank you

To Hans and the entire in3 team: thank you. You built something genuinely fair, simple and built to last, and you did it with the rigour that defines the best of European fintech. We couldn't be prouder to have been part of the journey, and we're excited to see what you'll build inside TrueLayer.

in3 will continue operating from the Netherlands as its technology is integrated into the TrueLayer platform to target the wider European market.