U.Ok. purchase now pay later (BNPL) supplier DivideBuy has nailed down a 300 million pound (virtually $415 million) funding that it plans to make use of to proceed to gas its progress, in accordance with a press launch.
“The pliability of our expertise treats every buyer as a person, and likewise offers retailers revenue-boosting strengths corresponding to increased checkout conversions and better basket sizes,” mentioned DivideBuy Founder and CEO Rob Flowers within the launch.
The capital got here from international funding administration agency Davidson Kempner Capital Administration and a minority investor, the discharge said
“With this backing from Davidson Kempner, we are able to now make purchase now pay later transactions obtainable to much more retailers and prolong the alternate fee technique to many extra customers who need larger fee selection on the [point of sale (POS)],” Flowers mentioned, per the discharge.
The interest-free credit score POS finance market was price virtually 10 billion kilos (greater than $13.8 billion) in 2020 and will probably be price 27 billion kilos (greater than $37.3 billion) by 2024, in accordance with the discharge.
DivideBuy additionally introduced within the launch that it has partnered with reCommerce consultants musicMagpie on a rental platform for the retail large. Greater than 500 retailers use the expertise created by DivideBuy.
Final month, DivideBuy partnered with hair product retailer Cloud 9 Hair to offer clients entry to interest-free credit score. DivideBuy has onboarded practically 30 new retail companions within the first seven months of the 12 months.
Learn extra: DivideBuy and Cloud 9 Hair workforce to Provide Clients Curiosity-Free Credit score
PYMNTS analysis discovered greater than 60% of small- to medium-sized companies (SMBs) say clients would change to retailers that present BNPL choices and that BNPL permits for gross sales that may not occur if the installment choice didn’t exist.
Learn extra: BNPL’s Pitch to Retailers Goes Past Installment Plans to Deep Information
The September Purchase Now, Pay Later Tracker highlighted 4 methods BNPL suppliers assist their service provider companions: bringing new clients, growing belief, offering in depth information and driving extra gross sales.