Buy Now Pay Later Platform Divido Raises $30 million Series B
Funding Round Led by HSBC and ING Will Drive International Expansion
LONDON – 02 June, 2021: 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. This provides banks with the opportunity to increase lending revenue, diversify their portfolio and neutralise the threat from new entrants.
“At Divido, we have created a global standard for banks, retailers and payment partners to connect seamlessly to offer this ‘Buy Now Pay Later’ solution 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.
At Divido, we set the standard for retail finance. Our whitelabel platform creates a flexible way for lenders, merchants and partners to control and configure payments, in a way that meets the evolving needs of customers at the point of sale.
Our award winning technology and industry expertise has enabled clients such as BNP Paribas, Nordea, Lastminute.com and Lenovo to get to market fast, with a proven, multi-geo, omni-channel platform.
Divido has 1,000 clients and operates in ten markets across two continents.
About HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,959bn at 31 March 2021, HSBC is one of the world’s largest banking and financial services organisations.
HSBC is investing in and deploying technology to improve customer experience, make the bank more efficient and enable its growth priorities. HSBC Global Ventures, Innovation and Partnerships accelerates the development of digital products and services in the bank’s key markets. Find out more.
About ING Ventures
ING Ventures is the venture capital arm of ING making minority investments in early stage companies that have a strategic relevance to ING. With its €300m fund, ING Ventures targets companies developing disruptive solutions that have the potential to positively impact ING’s business and ensure customers get access to best-in-class services.
Based in Amsterdam but shadowing ING’s geographic footprint of 41 countries, ING Ventures not only supports innovation within ING, but also helps entrepreneurs with hands-on engagement, know-how, scaling expertise and access to the bank’s distribution network.
ING Ventures has invested in over 35 companies, including Axyon AI, Clark, Cobase, CountingUp, Eigen Technologies, Fintonic, Flowcast, Funding Options, Scoperty and WeLab in segments such as fintech, regtech, proptech and advanced analytics.
*Innovation Growth Ventures Co., (IGV) is managed by Sony Innovation Fund and Daiwa Capital Holdings.