Divido raises $15m, eyes global expansion
Retail finance platform venture, Divido, has raised $15 million in a Series A round. Investors included Amex Ventures, Mastercard, Dawn Capital and DN Capital. As part of the raise, a new Chairman in Renier Lemmens who was CEO of PayPal EMEA and COO of Barclays International Retail & Commercial Banking Division, has been appointed.
Divido will use the cash to continue its global expansion. The company’s platform is currently available in the UK, Germany, France, Spain, Italy, the Nordics and the United States. Plans are currently underway to expand to 10 more countries by the end of 2019.
Christer Holloman, CEO at Divido, says: “Proactive retailers know they have to try new initiatives to grow sales. Offering customers the option to pay later doesn’t just increase footfall and eyeballs, but it also raises average order values and conversion rates. And what’s good for the retailers is also good for the lenders who are providing this credit, and the intermediaries that facilitate the transactions.”
Julia Huang, Managing Director of Amex Ventures, the strategic investment group of American Express, comments: “Supporting FinTech startups that can help businesses gain more customers and complete more sales is a key mission for American Express. We are excited to back Divido as it works to bring its innovative financing platform to more merchants around the globe.”