London-based white-label platform for retail finance Divido has raised $30 million in a Series B round led by HSBC and ING. 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 all participated. Divido is expected to use the fresh capital to drive international expansion and further develop the product.
“There is a 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,” comments HSBC’s Catherine Zhou.
Founded in 2014 by Anders Hallsten, Christer Holloman, and Fredrik Borgquist, the Divido platform provides a white-label solution for lenders, merchants, and partners at the point of retail finance sale, enabling flexible control and payment configurations.
Stripping away the jargon on that statement, Divido enables any retailer to offer, for example, the zeitgeist Buy Now Pay Later option.
The company currently serves over 1,000 clients and is operational on two continents and ten markets. Active partnerships include Nordea Finance, BNP Paribas, BMW, and Lenovo.
“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,” concludes Holloman.