Divido
Divido is a cloud-based credit origination front-end and loan servicing back-end that caters to lenders, retailers, and their customers. The platform works in store, online, and by phone. The modular structure supports all types of finance including POS retail finance, SME loans, car finance, etc. The Divido platform supports multiple languages, currencies and country regulatory requirements. In the UK, Divido is regulated by the Financial Conduct Authority.
History
While trying to buy a new sofa, Christer Holloman found that his local independent store was unable to offer the same instalment finance plans as the large retail chains offer. With the help of Anders Hallsten and Fredrik Borquist, he launched Divido: a service that allows consumers to pay for a purchase in instalments over anything from three months to five years.
In September 2016, it raises £2.5M in seed funding led by Mangrove Capital, and DN Capital. [1]
How it works
The customer chooses to buy an item and pay over time using Divido as a payment option. The customer completes an application and within one month of receiving the goods or service, instalments will begin to be collected via direct debit.
Advisory Board members
- Carsten Egeriis: Chief Risk Officer at Barclays PLC.
- Kevin Dallas: Chief Marketing Officer and Chief Product Officer at WorldPay.
- Jonathan Rogers: Partner heading up Financial Services Group at Taylor Wessing.
Awards
- Recognised as one of the top 100 startups in the United Kingdom by Startups.co.uk[2]
- Awarded government grant of £200k from Innovate UK[3]
- A runner up at the Innopitch European Innovator of The Year by the European Commission
- Divido was shortlisted for the Best Investment in a FinTech Business category at the 2016 awards hosted by the UK Business Angels Association (UKBAA) in July 2016
Institutional investors
- Initial Capital
- IQ Capital
- Seedcamp
References
- ↑ "Divido raises £2.5M to let you spread cost of purchases while retailers get paid immediately". TechCrunch.
- ↑ "97. Divido". Startups 100. Startups.co.uk. Retrieved 15 June 2016.
- ↑ "CreditMatch: Innovative Market Place for Point of Sale Finance - Driving Competition in Retail Banking". Gateway to Research. Research Councils UK. Retrieved 15 June 2016.