Divido secures debt financing from Silicon Valley Bank to fuel growth
Dividethe world’s largest white label retail finance platform, raised -£4.5m in venture capital debt funding from Silicon Valley Bank UK Branch (SVB) to fuel international expansion , hiring and product development while continuing to grow and grow its market – leading platform for lenders and merchants.
SVB’s capital will be used for strategic growth while minimizing dilution for Divide staff and investors. Divide will use the subprime loan facility to support the creation of new roles within the organization as it expands internationally and adds cutting-edge features to its product offering.
DivideWhite-label platform connects lenders, merchants and point-of-sale partners, transforming retail finance with proven technology and industry expertise to create a flexible way to control and configure payments .
Launched in 2014, Divide today has more than 1,000 customers and operates in ten markets on two continents. The company’s mission is to transform retail finance and enable its lender and merchant customers to get to market quickly with a superior, value-driven and responsible retail finance program.
SVB funding follows DivideThe Series B fundraising of $30 million in 2021. Thanks to this investment, the company has experienced substantial growth.
Neha Mittal, Acting CEO of Dividecommented : “The support from Silicon Valley Bank comes at a pivotal time for our business. The progress we have made in the fintech sector has placed Divide as a market leader in the UK, with our aim to be a global market leader. This additional funding now allows us to accelerate our key strategic plans to help fuel the next phase of growth of Divide in the global payments industry.
Craig Fox, Managing Director of Fintech for Silicon Valley Bank UK Branch, said“Silicon Valley Bank is delighted to extend its partnership with the exceptional team of Divide. It’s great to see additional funding in the payments industry and Divide innovates to support the growth of the broader fintech ecosystem. We look forward to seeing the team continue to grow, develop and evolve into a true global market leader.