DivideBuy, a Stoke-On-Trent, England, UK-based buy now pay later (BNPL) provider, received a £300m lending facility.
The funding came from global investment management firm, Davidson Kempner Capital Management LP, which also includes a minority equity investment.
The financing will be instrumental to expand in the point-of-sale market and further bolster its C-suite, platform investment and retailer network, both in the UK and internationally.
Led by Rob Flowers, Founder and CEO, DivideBuy enables customers to have instalment terms of up to 12 months, which helps consumers purchase larger-value items with interest free instalments, and helps retailers raise average basket values. With 500 retailers, including Cloud Nine and Simba Sleep, already using DivideBuy’s technology, the company achieved a milestone £150 million in Gross Merchandise Value (GMV) earlier in the year, and is on track to hit £175 million by the end of 2021.
DivideBuy has also recently announced a brand-new partnership with recommerce experts, musicMagpie, creating a brand new rental platform for the retail company.