The London-based fintech firm that lets consumers split the cost of a product or service over as long as they need
Founders: Christer Holloman, Anders Hallsten and Fredrik Borquist
Founded: October 2014 (Launched August 2015)
While trying to buy a new sofa, Christer Holloman found that the small store was unable to offer the same installment finance plans that allow customers to spread the cost of an item over a period of time as larger corporates do. But why shouldn’t they be able to?
With the help of Anders Hallsten and Fredrik Borquist, he launched Divido: a service that allows consumers to pay for any purchase in installments over anything from 12 months to five years, while the merchant gets paid in full right away. Divido simply charges an initial set up fee, as well as a monthly fee and the cost of the finance provided.
So far, the firm has amassed 100 on and offline retail clients, mostly from the furniture, bike and music sectors, but it also serves funeral, fashion, healthcare and education companies. Unlike competitors, the London-based business claims to offer a completely instant, paperless solution that works in store, online and even over the phone. Divido’s service supports all major e-commerce platforms including Shopify, Magneto and WordPress.
Started with £1m in VC and angel funding, Divido’s ambitious plans for 2016 involve doubling the size of its 11-strong team and quadrupling turnover. Already off to a flying start, expect big things from Divido.