Divido raises $30m from HSBC and ING to expand white label BNPL product
UK-based buy now, pay later firm Divido has raised $30 million in a Series B funding round led by both HSBC and ING.
The fintech says it will use its new cash to fuel international expansion, while continuing to build out its platform for lenders and merchants.
HSBC and ING were joined in the round by fresh investors SBI Investment, OCS, Global Brain and DG Daiwa Ventures. Existing backers DN Capital, Dawn Capital, IQ Capital and Amex Ventures also participated.
Founded in 2014, Divido claims to have more than 1,000 clients across ten markets. It allows partnered retailers to offer branded BNPL solutions to users at checkout.
“The retail finance market is in a period of exponential growth, expected to hit $2.5 trillion next year,” says Divido CEO, Christer Holloman.
“At Divido, we have created a global standard for banks, retailers and payment partners to connect seamlessly to offer [BNPL] 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.”
Jan Willem Nieuwenhuize, managing director of ING Ventures, says Divido 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. We see Divido as an innovator at the very forefront of the market.”