Divido, a point of sale financing platform, has partnered with Splitit Payments to offer instalment payment services to customers.
The teamwork will give retailers better choice and flexibility with payments for retailers.
As part of the agreement, the monthly instalment payment services of Splitit will be made available as a payment method for Divido merchants and customers. Initially, this will be available in the US and UK.
At the checkout, a customer can now choose the period they would like to pay through monthly instalments and enter their card details. The first instalment will be taken instantly, and Splitit will then withdraw the money in subsequent months.
According to research from Divido, 60% of consumers stated they would stay loyal to a retailer if the payment process was effortless, and a third of UK shoppers said paying with finance is a convenient way to spread payment costs.
Divido CEO and co-founder Christer Holloman said, “The fast-evolving nature of the retail industry means that point-of-sale finance is now seen as a hygiene factor for multinational retailers around the world.
“Working with Splitit via our lending platform, through one single integration we’re able to extend our reach even further and serve the instalment needs of even more multinational retailers and end-consumer around the world.”
Last year, Divido collected $15m in its Series A round which was supported by Dawn Capital, DN Capital, Mastercard, and American Express Ventures, among others. The UK-based company offers businesses financing tools which help customers buy products but pay over instalments.
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