Point of sale service Divido lands £2.5m seed round
Startups 100 company that helps consumers spread the cost of big purchases over installments has grown to work with over 100 retailers
Divido, the Startups 100-featured company that helps consumers make big ticket purchases, has secured £2.5m from Mangrove Capital Partners and DN Capital.
Founded by Christer Holloman, Anders Hallsten and Fredrik Borquist in 2014, Divido allows consumers to pay for any purchase in installments over anything from12 months to five years, while the merchants gets paid in full away.
The company, which already provides services to over 100 retailers, claims to currently be able to facilitate £500m in finance per year and up to £25,000 for each individual transaction.
Divido also recently secured a £200,000 grant from the Innovate UK, the government’s innovation agency.
Michael Jackson, partner at Mangrove Capital Partners, commented: “Holloman and his team have built a very resilient and highly scalable payment solution and the company’s rapid growth is testament to the value it provides to retailers.
“We’ve passed numerous fintech opportunities up until now and we’re confident we’ve backed the right horse.”