DivideBuy announces major investment

British FinTech venture, DivideBuy, which provides an interest free credit option for retailers, has closed a funding round of £60 million-plus, headed up by Souter Investments.

It will use the cash to support the growth of its retailer network. “This investment by leading private equity players and banks reflects the value that our business model and technology creates for retailers and customers as well as our progress as an organisation,” says Max Thowless-Reeves, Co-Founder and Non-Executive Chairman, DivideBuy.

“Allowing retailers to offer interest free credit to their customers is conceptually simple but in practice significantly complex. 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.”

Calum Cusiter, Investment Director at Souter Investments, comments: “DivideBuy represents an exciting opportunity for us to support a fast growing, and innovative FinTech business with a highly backable and passionate management team.”

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