Divido secures $15M to licence its ‘pay-later’ platform
Divido is a consumer finance platform for retailers, lenders and payment intermediaries to offer instant finance to B2C and B2B customers at the checkout, online and instore. Today they are announcing a $15 million Series A raise led by Dawn Capital and DN Capital, with additional participation from Mastercard, American Express Ventures and previous investors.
The Divido board has also appointed Renier Lemmens as chairman. Mr. Lemmens has previously served as Chief Executive Officer of PayPal EMEA and Chief Operating Officer of the International Retail & Commercial Banking Division of Barclays.
Divido is today available through over 1,000 partners that are offering B2C and B2B finance to their customers at the checkout. Divido provides customers with the ability to spread the cost of any product or service over a period of time by providing instant access to credit at the moment of purchase, online and in-store. This leads to up to 20% more sales for retailers, more lending for banks and more transactions for payment intermediaries. What makes Divido unique is that the platform is quick to integrate with, works in multiple markets and with multiple lenders. Clients include names like Mercedes-Benz, BNP Paribas and Shopify. Divido is already on track to process its first $1 billion USD worth of credit applications in 2019, sending it well on its way to deliver on its vision of becoming the world’s largest platform for point of sale finance.
The injection of capital allows Divido to continue its global expansion. The company’s platform is currently available in the UK, Germany, France, Spain, Italy, the Nordics and the United States. Plans are currently underway to expand to 10 more countries by the end of 2019.
Retailers offering Divido can, the company says, increase sales up to 20% and average order values by 15%, whilst lenders and payment providers licensing Divido’s technology can expand their loan portfolios and grows transaction revenues.