UK lendtech DivideBuy feeling spry with £60m funding
UK interest-free-credit provider DivideBuy has secured £60 million of equity investment and debt financing from private equity investors and UK banks.
The backing comes from Souter Investments, family investment office of Sir Brian Souter (co-founder of Stagecoach Group) and Jon Moulton (founder of Better Capital), through the family office and with committed and uncommitted debt facilities provided by Shawbrook and Paragon Bank.
Max Thowless-Reeves, co-founder and non-executive chairman of DivideBuy, says: “Allowing retailers to offer interest free credit to their customers is conceptually simple but in practice significantly complex.”
He adds: “Over the last four years we have innovated and broken barriers; our technology seamlessly meshes with any retailer’s website and IT estate and their customers can enjoy interest free credit in seconds.”
There are no specifics, but the company will use the funding to develop its technology.
DivideBuy explains that its system enables retailers to pick and choose which products they offer credit on with sales landing in existing order systems.
Its integration updates retail partners’ inventory and links into warehouse management systems, meaning retailers do not need to change any of their normal operational practices.
It was founded in 2014 and based in Stoke-on-Trent (central England). DivideBuy says it is on target to have over one million customer account holders by the end of 2019.
The company currently has partnerships with over 400 retailers across a range of sectors.