UK-based whitelabel platform for retail finance Divido raised $30m in Series B funding.
The round was led by HSBC and ING, with participation from Sony Innovation Fund by IGV, SBI Investment, OCS, Global Brain, DG Daiwa Ventures and existing backers DN Capital and Dawn Capital, IQ Capital and Amex Ventures.
The B2B company intends to use the funds to accelerate international expansion and build out its platform for lenders and merchants.
Led by Christer Holloman, Founder and CEO, Divido provides a whitelabel platform that connects lenders, merchants and partners at the point of sale. Launched in 2014, the company now has more than 1,000 clients and operates in ten markets across two continents. Clients include BNP Paribas, Nordea, Lastminute.com and Lenovo, among others.
Holloman said, “The retail finance market is in a period of exponential growth, expected to hit $2.5tn next year.” He added that Divido has “created a global standard for banks, retailers and payment partners to connect seamlessly to offer buy now, pay later to consumers.”
Echoing a similar sentiment, HSBC global head, venture, digital innovation and partnerships Catherine Zhou added, “There is clear demand for retail finance across the globe, both from customers and merchants. The Divido platform enables lenders to serve customers in this area with a compelling, well-managed proposition.”
Furthermore, ING Ventures managing director Jan Willem Nieuwenhuize said, “ING is focusing our innovation efforts around defined value spaces. Divido aligns with our lending value space and has a strong strategic fit with ING’s consumer finance business. This is an exciting and rapidly growing market that is constantly evolving and accelerating following Covid. We see Divido as an innovator at the very forefront of the market, so perfectly fits the profile for the dynamic, disruptive companies we choose to partner with.”
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