Divido, a provider of financing at the point of purchase, has raised $15m through its Series A.
Dawn Capital and DN Capital led the investment round, with participation also coming from Mastercard, American Express Ventures and previous backers.
As part of the investment, the company has named former Paypal CEO Renier Lemmens as its new chairman.
UK-based Divido is a retail finance platform that empowers businesses to provide their customers with finance options. The solution enables customers to spread the cost of products over several months, while the merchant receives payment instantly.
The company works with more than 1,000 merchants, banks and partners including HTC, Lenovo, BMW and Mastercard.
This equity injection will be used to further the company’s global expansion. Currently, the platform is available in the UK, Germany, France, Spain, Italy, the Nordics and the US. There are plans to reach 10 new countries by the end of 2019.
Divido CEO Christer Holloman said, “Proactive retailers know they have to try new initiatives to grow sales. Offering customers the option to pay later doesn’t just increase footfall and eyeballs, but it also raises average order values and conversion rates. And what’s good for the retailers is also good for the lenders who are providing this credit, and the intermediaries that facilitate the transactions.”
Earlier in the month, it was reported fellow POS financing solution Kissht raised its own round of funding, picking up $30m in a Series C.
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