Buy now, pay later provider Divido defies sector downturn with 50% growth in 2022

The white-label platform signed up several major new clients last year.

Checkout finance provider Divido saw a 50 per cent jump in gross merchandise volume for 2022, as the business signed up new clients to use its white-label buy now, pay later service.

New Divido clients last year included M&S Bank, which turned to Divido to help create its digital credit card Sparks Pay, and Novuna Consumer Finance (formerly Mitsubishi Capital).

“Through strategic partnerships, retailers and lenders can offer consumers responsible checkout finance options,” said Divido CEO Todd Latham.

“In what will continue to be a difficult time for many, this level of choice can help brands earn trust and loyalty by creating frictionless finance for the consumer moments that matter.”

New partnerships already signed for 2023 include The London Mint Office, Nuvei, CellPoint Digital and an unnamed European retail bank.

The banking partnership will see Divido expanding its retail finance programme into new territories across Europe, and let existing clients tap into its services in more markets.

Last year Divido also replaced much of its senior leadership team, with Latham joining as well as a new chief marketing officer, chief product officer, chief revenue officer and VP of finance.

Divido last raised funding in June 2021 when its $30m Series B was led by banking giants HSBC and ING, with support from Sony Innovation Fund, SBI Investment, OCS, Global Brain and DG Daiwa Ventures, and existing backers DN Capital, Dawn Capital, IQ Capital and Amex Ventures.