Buy Now Pay Later Platform Divido Raises $30 million Series B
- 02.06.2021 04:25 pm
Divido, the world’s largest whitelabel platform for retail finance, has raised a $30 million Series B funding round to fuel international expansion, while continuing to build out its market-leading platform for lenders and merchants.
The round was led by global banks HSBC and ING, with participation from Sony Innovation Fund by IGV*, SBI Investment, OCS, Global Brain and DG Daiwa Ventures along with existing investors DN Capital, Dawn Capital, IQ Capital and Amex Ventures.
Christer Holloman, Founder and CEO at Divido, said: “The retail finance market is in a period of exponential growth, expected to hit $2.5 trillion next year. At Divido, we have created a global standard for banks, retailers and payment partners to connect seamlessly to offer ‘Buy Now Pay Later’ to consumers. It is hugely exciting to have this round led by global clients, which is testament to the strength of our product and the strategic impact we deliver.”
Divido’s whitelabel platform connects lenders, merchants and partners at the point of sale, transforming retail finance with proven technology and industry expertise to create a flexible way to control and configure payments.
Launched in 2014, Divido now has more than 1,000 clients and operates in ten markets across two continents. The company’s mission is to transform retail finance and enable its lender and merchant customers to get to market, fast, with a superior, value-driven and responsible retail finance programme.
Catherine Zhou, Global Head of Venture, Digital Innovation and Partnerships at HSBC said: “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.”
Jan Willem Nieuwenhuize, Managing Director of ING Ventures: “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.”
Royal Park Partners acted as exclusive financial advisor to Divido and its shareholders.