Europe’s payments landscape is undergoing a major transformation as fintech companies challenge the long standing dominance of card networks. While account to account payments powered by open banking have gained momentum in recent years, most have focused primarily on debit transactions. The next stage of competition is expected to centre on credit products, an area traditionally dominated by card providers. UK fintech TrueLayer is now taking a significant step in that direction through the acquisition of Dutch consumer credit specialist In3, expanding its ambition to create a broader European alternative to traditional payment networks.
London based TrueLayer has acquired Dutch fintech In3 in a deal that will expand its capabilities beyond account to account payments and into consumer credit products.
Financial details of the transaction were not disclosed.
The acquisition brings In3’s team and expertise into TrueLayer’s growing payments ecosystem and marks an important milestone in the company’s strategy to build a more comprehensive payment infrastructure across Europe.
Expanding Beyond Debit Payments
Since its launch, TrueLayer has focused on enabling account to account transactions through open banking technology.
Often referred to as pay by bank payments, these transactions allow consumers to pay directly from their bank accounts without relying on traditional card networks.
The model aims to offer merchants lower costs, improved transparency, and reduced fraud risks compared with conventional payment methods.
However, until now, pay by bank has largely been associated with debit transactions.
With the acquisition of In3, TrueLayer plans to introduce credit options directly into its payment network, allowing consumers to choose between debit and credit at checkout.
According to the company, this will make it the first pay by bank network in Europe to offer both capabilities within a single platform.
Launching Buy Now Pay Later Products
The first major product expected from the integration will be a Buy Now Pay Later solution.
This will enable customers to spread payments over time while continuing to use bank based payment infrastructure rather than traditional card systems.
TrueLayer also plans to introduce additional longer duration credit products later this year as it broadens its financial services offering.
The move reflects growing demand for flexible payment options among consumers while also creating new revenue opportunities for merchants and financial institutions.
Building a European Payments Alternative
Backed by investors including Stripe and Tiger Global Management, TrueLayer has become one of Europe’s leading open banking fintech companies.
The company currently operates across 22 countries and processes more than $150 billion in annualised payment volume.
Its merchant network includes major global brands such as Amazon, Just Eat Takeaway, and Coinbase.
Although pay by bank remains significantly smaller than traditional card payments, adoption continues to grow across European ecommerce markets.
TrueLayer points to increasing transaction volumes and rising merchant adoption as evidence that consumers are becoming more comfortable using direct bank payments for online purchases.
Strengthening European Financial Independence
The acquisition also comes amid broader discussions around Europe’s reliance on foreign technology and financial infrastructure.
Many policymakers and industry leaders have highlighted the importance of building stronger European alternatives in strategic sectors, including payments.
According to Francesco Simoneschi, the addition of In3’s expertise strengthens the company’s ability to create an independent European payments network capable of competing with established card providers.
Simoneschi said the acquisition provides TrueLayer with the people, products, and infrastructure needed to accelerate its vision of a more open and flexible payments ecosystem.
Accelerating the Future of Open Banking
As open banking adoption continues to expand, the convergence of payments and credit is becoming an increasingly important battleground for fintech innovation.
By combining account to account payments with consumer lending products, TrueLayer is seeking to move beyond being a payments provider and position itself as a broader financial infrastructure platform.
The acquisition of In3 represents a significant step toward that goal and highlights how Europe’s fintech sector is evolving from payment disruption toward building full scale alternatives to traditional financial networks.
