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London-based finance platform Divido inks deal with US payment company Splitit offering point-of-sale finance

Divido and Splitit believe the tie-up will give retailers and consumers wider choice at the checkout.

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Divido, the London-based consumer finance platform which lets consumers take out credit at the point of purchase to help spread the cost of purchases, has signed a deal with US payment company Splitit to offer a monthly instalment option to customers.

Divido and Splitit believe the tie-up will give retailers and consumers wider choice at the checkout.

Launched in 2015, Divido works with over 1,000 retail partners to allow them to offer finance to their customers at the checkout.

Divido, which was backed by American Express Ventures and MasterCard in its latest funding round, wants to become the world's biggest platform for point-of-purchase finance.

Splitit, headquartered in New York, offers customers shopping online, via their mobile phones or in stores, the option to split payments into interest-free, monthly instalments using their existing credit or debit cards. Splitit works with over 400 partners across 27 countries.

Brad Paterson, Splitit CEO, said: "We are very excited to partner with Divido, a fellow pioneer in point-of-sale customer finance. Working together will deliver Divido's customers the added value of our seamless solution and expand our access to a greater number of merchants, helping us provide payment flexibility to more retailers and consumers worldwide."

"The fast-evolving nature of the retail industry means that point-of-sale finance is now seen as a hygiene factor for multinational retailers around the world," said Christer Holloman, CEO and co-founder, Divido.

"Working with Splitit via our lending platform, through one single integration we're able to extend our reach even further and serve the instalment needs of even more multinational retailers and end-consumer around the world."

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