UK-based buy now pay later (BNPL) platform Divido is set to propel its international expansion after raising $30m in its Series B funding round led by HSBC and ING.
SBI Investment, Sony Innovation Fund by IGV, Global Brain, OCS, and DG Daiwa Ventures also invested in the round alongside existing investors DN Capital, Dawn Capital, IQ Capital and Amex Ventures.
Launched in 2014, London-based Divido provides a whitelabel platform to connect lenders, merchants and partners at the point of sale.
The platform is said to serve over 1,000 clients in ten markets across two continents.
Divido is looking to transform retail finance and facilitate faster market entry for its lender and merchant customers with a responsible retail finance programme.
Divido founder and CEO Christer Holloman said: “The retail finance market is in a period of exponential growth, expected to hit $2.5trn 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.”
HSBC Digital Innovation and Partnerships global head of venture Catherine Zhou remarked that the Divido platform enables lenders to serve customers in retail financing with a compelling, well-managed proposition.
ING Ventures managing director Jan Nieuwenhuize noted that Divido has a strong strategic fit with ING’s consumer finance business.
“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,” added Nieuwenhuize.
In 2019, Divido partnered with monthly instalment payment solutions provider Splitit Payments for point-of-sale finance.