Divido has reported 50% growth over the last year following several executive appointments.
The checkout finance platform is aiming to make 2023 the year checkout experience and payments become a long-term driver of growth for retailers and lenders.
With inflation set to weaken retailers’ profits this year, and consumers demanding more manageable forms of finance, Divido is set on a course of innovating checkout finance to improve the retail customer experience and offset retailers’ losses caused by the current economic headwinds.
Arrivals in 2022 included CEO Todd Latham, formerly of Amex and Currencycloud; CMO Helen Aboagye, previously of Imagen and Currencycloud; CPO Gareth Lloyd-Owen, who joined from Roostify; CRO Edoardo Volta, who has held senior positions at Visa, Amex and Mastercard; and Ashley Humphrey, VP of finance, who was previously CFO of United Fitness Brands and Insig AI.
“Businesses are under a lot of pressure to reduce costs and reach more customers and help them to buy the necessary items. 2022 showed there is still a gap between what retailers are offering and what consumers need,” said CEO Latham.
“As consumer behaviour changes, and inflation continues to take its toll, lenders and merchants must meet these evolving customer needs and deliver transparency, value, and flexibility at the point of sale.
“Through strategic partnerships, retailers and lenders can offer consumers responsible checkout finance options. In what will continue to be a difficult time for many, this level of choice can help brands earn trust and loyalty by creating frictionless finance for the consumer moments that matter.”
2022 saw Divido sign a new deal with M&S Bank to enable Sparks Pay, a new retail finance programme for Marks & Spencer shoppers, while in 2023 it will implement its checkout finance platform on behalf of multi-million-pound merchant The London Mint Office.
Divido will also be integrated into the CellPoint Digital orchestration platform, allowing CellPoint clients to implement their own retail finance programmes through the CellPoint stack. Further, a partnership with Nuvei will open the door for Divido to scale within the Nuvei client base, while allowing those clients to access Divido as a solution.
Divido also struck up a partnership with Novuna Consumer Finance in 2022, which led to up to 76% conversion rates through the Divido platform. Building on this success, a further partnership with a European retail bank planned for early 2023 will see Divido offering its retail finance programme in new territories across Europe. This will allow Divido customers to access finance across the EU.
Elsewhere, Divido has strengthened its partnerships with existing clients, such as ING, HSBC and Nordea.