UK 'lendtech' firm secures £60m funding
A Stoke-on-Trent based fintech company has secured more than £60m in equity investment and debt financing.
Foundedin 2014, DivideBuy offers interest-free credit through its retail partners, allowing customers to spread the cost of their purchase without hidden charges.
The new funding will enable the firm to continue developing its technology and leverage it as a lender.
The investment will also support the growth of DivideBuy’s retailer network, allowing many more consumers to spread the cost of their shopping using interest free credit.
“Allowing retailers to offer interest free credit to their customers is conceptually simple but in practice significantly complex,” said Max Thowless-Reeves, co-founder and non-executive chairman of DivideBuy.
“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.”
DivideBuy says it is on target to have over one million customer account holders by the end of 2019.
Calum Cusiter, Investment Director at Souter Investments, added: “DivideBuy represents an exciting opportunity for us to support a fast growing, and innovative FinTech business with a highly backable and passionate management team.”