DivideBuy, a UK-based Fintech that provides point of sale (POS) financing, has topped £250 million in lifetime sales, according to a note from the company. The company was founded in 2014.
DivideBuy reports over 500 merchants in the UK and claims its customers have boosted sales conversions by 70% with a 43% increase in big-ticket items.
The company states that its mode of being both a tech solution provider and credit provider, a shift in consumer attitudes, and the acquisition of several merchant partners have helped its growth. DivideBuy offers a 60-second application process and an immediate decision so that customers can spread the cost of their purchases with no hidden charges. DivideBuy is regulated by the Financial Conduct Authority, which allows it to provide credit to consumers.
Last year, DivideBuy reported a £300 million funding agreement provided by Davidson Kempner Capital Management LP.
In the past year, DivideBuy appointed a new executive team, including Teresa Byrne as Chief Commercial Officer.
The company states that interest-free POS credit is the fastest-growing payment method in the world, accounting for 2.9% of global commerce in 2021 and is expected to top 5.3% by 2025.
Byrne shared the following comment:
“Consumers are increasingly favouring the flexibility of POS finance to spread the cost of purchases. 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.”