DivideBuy got over £60 million from UK local banks including Paragon as equity and debt-financing investment.
Aside from the additional credit for loan applicants, the fund will be used to help DivideBuy expand company’s retailer network and develop new market-leading technology for the benefit of customers.
DivideBuy CEO and Co-Founder Robert Flowers said that the company will be investing in technology that would assist customers in making transactions seamless.
“DivideBuy has one overarching goal; to make interest free credit easy and accessible to both retailers and consumers. DivideBuy has focused on delivering technology and solutions that enhance the experience of our users and we will continue to do so,” said Flowers.
UK’s interest-free-only credit DivideBuy focus on technological-driven solutions, which is something new to the lending industry. User-experience is lifted with a fully-automated underwriting and decision.
Non-Executive Chairman of DivideBuy Max Reeves said, “This investment by leading private equity players and banks in DivideBuy reflects the value that our business model and technology creates for retailers and customers as well as our progress as an organization.”
Meanwhile, Paragon Senior Director Lewis Fitzsimons said that they will continue to support fintech firms with the ‘ambition to develop their technology and solutions.’
Paragon has been engaged with funding fintech firms before DivideBuy. It has supported Paybreak and Duologi to grow their activities, with other SME lender Liberis. Paragon is also part of the £57.5 million funding package that will support UK small businesses to protect more than 100,000 jobs in the near 2020.
DivideBuy is founded in 2004 and partners with hundreds of retailers who are looking to grow market share significantly. What the company has been doing is updating the inventory of clients and links it to warehouse management systems. By 2019, the company aims to work with over a million retailers.