Consumer finance platform Divido raised $15 million in a Series A funding round led by Dawn Capital and DN Capital, with additional participation from Mastercard, American Express Ventures and previous investors.
Appointing Renier Lemmens, former Chief Executive Officer of PayPal EMEA and Chief Operating Officer of the International Retail & Commercial Banking Division of Barclays, Divido looks to use the new funding for global expansion by launching in 10 new countries by the end of next year.
Christer Holloman, CEO, Divido, says: “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.”
The finance platform claims Mercedes-Benz, BNP Paribas, and Mastercard Payment Gateway Services as its clients.