Buy-now-pay-later platform Divido has raised $30 million in a Series B funding round led by global banks HSBC and ING to fund its international expansion.
Sony Innovation Fund by IGV, SBI Investment, OCS, Global Brain and DG Daiwa Ventures also participated in the round, along with existing investors DN Capital, Dawn Capital, IQ Capital and Amex Ventures.
Launched in 2014, Divido’s white label platform connects lenders, merchants and partners at the point of sale, operating in10 markets across two continents.
Christer Holloman, founder and CEO of Divido, said that the retail finance market is expected to hit $2.5 trillion next year.
He said: “At Divido, we have created a global standard for banks, retailers and payment partners to connect seamlessly to offer ‘Buy Now Pay Later’ to consumers.
“It is hugely exciting to have this round led by global clients, which is testament to the strength of our product and the strategic impact we deliver.”
Catherine Zhou, global head of venture, digital innovation and partnerships at HSBC, added: “There is clear demand for retail finance across the globe, both from customers and merchants. The Divido platform enables lenders to serve customers in this area with a compelling, well-managed proposition.”
Jan Willem Nieuwenhuize, managing director of ING Ventures, called it “an exciting and rapidly growing market that is constantly evolving”.
Nieuwenhuize said: “We see Divido as an innovator at the very forefront of the market, so perfectly fits the profile for the dynamic, disruptive companies we choose to partner with.”