Buy Now Pay Later firm DivideBuy has reached a milestone of £250 million in lifetime sales.
The Newcastle-under-Lyme FinTech credits its success to a model of being both a tech solution and credit provider, a shift in consumer attitudes and several acquisitions.
DivideBuy holds an FCA licence, an agile Software-as-a-Service tech stack and finance book, which it says allows it to offer a wider range of merchants interest-free credit with no hidden fees.
It has more than 500 merchant partnerships, including many outside of traditional retail segments, which it says demonstrates the appeal of flexible, fair finance methods.
Following its announcement of a £300 million funding agreement with global investment management firm Davidson Kempner Capital Management LP in 2021 to expand its agile SaaS checkout finance platform, DivideBuy has seen its success continue throughout 2022 with the appointment of a new commercial senior leadership team, headed up by payment industry veteran Teresa Byrne as chief commercial officer.
“Consumers are increasingly favouring the flexibility of PoS finance to spread the cost of purchases,” said Byrne. “It’s now one the world’s fastest-growing payment methods – a trend that we’ve seen many brands leverage to increase sales and better service their customers at a time when the market is booming.
“As both the technology platform provider and lender, we can remain in control of each part of the lending process, making our interest free lending work in the interest of both the consumer and the merchant. Unique to DivideBuy, merchants can register, approve and onboard customers in a matter of seconds through soft credit checks that don’t leave a mark on the customers’ credit score.
“Being powered by an innovative LendTech like DivideBuy gives both merchants and consumers an added security over each sale. We want to become the perfect credit partner for consumers and merchants, offering the nation’s shoppers ethical, transparent and truly flexible finance.”
DivideBuy claims to offer a 60-second application process and immediate decision.
It provides merchants with an eCommerce credit plugin that integrates with shopping cart functionalities such as Shopify, Magento, WooCommerce and Craft Commerce.