FinTech scaleup Divido has secured $15m in a Series A led by Dawn Capital and DN Capital.
The company also drew investment from Mastercard, American Express Ventures and existing shareholders.
Renier Lemmens, the former CEO of PayPal EMA and chief operating officer of Barclay’s international retail and commercial banking division, will be joining Divido’s board.
Divido provides ‘instant’ access to credit at the moment of purchase, something which the company claims can increase retailers’ sales by up to 20%.
The fresh funding will enable Divido to continue its global expansion. Its platform is so far available in the UK, Germany, France, Spain, Italy, the Nordics and the United States. Divido is looking to expand to 10 more countries by the end of next year.
Christer Holloman, CEO of Divido, said: “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.”
Zahir Khoja, senior vice president of Global Acceptance at Mastercard, went on to add: “By providing people with financing choices to suit their lifestyle, along with a simple experience when it comes to paying, people can enjoy shopping more easily. Staying ahead, and continuously being able to bring consumers digital financing options will require collaboration and co-creation with newer entrants like Divido.”
Finally, Julia Huang, managing director of Amex Ventures, the strategic investment group of American Express, commented: “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.”