Zopa, a London, UK-based bank, acquired DivideBuy, a UK-based provider of a point-of-sale (POS) finance technology and lending platform.
The amount of the deal was not disclosed. The transaction, which will complete in the next few months, marks Zopa’s first acquisition and we expect it to increase the company’s revenue by at least 20% in the next few years.
Led by CEO Robert Flowers, CEO, DivideBuy is a credit provider, offering interest free finance. The company works in partnership with retail enterprises to offer POS credit solutions that deliver flexible payment options at the checkout.
Led by Jaidev Janardana, CEO, Zopa gives customers access to loans built for real-life and intelligent investments backed by tech. In 2020, the company launched Zopa Bank, which offers fixed term savings backed by FSCS protection and a credit card to help customers take control of their finances.
Since launching in 2020, Zopa bank has attracted £3 billion in deposits, more than £2bn of loans on balance sheet, and issued close to 400,000 credit cards.
FinSMEs
22/02/2023