Divido

Divido is a retail finance platform that allows companies to offer instant customer finance. Over 1000 retailers, banks and partners work with Divido including HTC, BNP Paribas, American Express, and Mastercard [1].

Through one integration, Divido connects the customer finance application with multiple competing lenders, delivering higher accept rates and lower fees. The platform works across multiple countries online, in-store and via mobile. In the UK, Divido is regulated by the Financial Conduct Authority.

History

While trying to buy a new sofa, Divido’s CEO and co-founder Christer Holloman found that his local independent store was unable to offer the same instalment finance plans as the large retail chains offer. With the help of Anders Hallsten and Fredrik Borquist, he launched Divido to solve this problem.

In September 2016, Divido raised £2.5M in seed funding led by Mangrove Capital, and DN Capital.[1] In March 2017, Divido received another £2.5M in investment. Prior to this, in June 2015 Divido won Innovate UK, a grant from the UK government.

How it works

After the customer chooses what they want to buy, they select Divido as the payment option. Without having to leave the website or store, they then fill out a short digital application form to apply for finance. If approved, the customer pays the deposit, signs the contract electronically and the retailer is free to dispatch the goods. The chosen lender then transfers the full amount to the retailer and handles any future interactions with the customer regarding the payment.

Awards

  • Recognised as one of the top 100 startups in the UK by Startups.co.uk[2]
  • Awarded government grant of £200k from Innovate UK[3]
  • Winner of Point of Sales - Motor Finance Award and New Entrant of the Year at the IAFN Awards 2017[8]
  • Winner of Mastercard’s Start Path Program 2017[9]
  • Winner of eCommerce Company of 2017 and Best Banking, Insurance and Financial Services at the Ecommerce Awards 2017[10]

References

  1. ↑ "Divido raises £2.5M to let you spread cost of purchases while retailers get paid immediately". TechCrunch.
  2. ↑ "97. Divido". Startups 100. Startups.co.uk. Retrieved 15 June 2016.
  3. ↑ "CreditMatch: Innovative Market Place for Point of Sale Finance - Driving Competition in Retail Banking". Gateway to Research. Research Councils UK. Retrieved 15 June 2016.
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