Divido, a point-of-sale solution, has raised £2.5m ($3.3m) in round of seed funding. The capital comes from Mangrove Capital Partners and DN Capital.
The company allows consumers to pay for purchases in instalments, while merchants are paid in full at the time. The customer then pays Divido back over a period of anything from 12 months to five years.
The London-based company says it can currency facilitate £500m ($667m) in finance per year and up to £25,000 ($33,000) for each individual transaction.
Co-founded by Christer Holloman, who set up $1bn-valued recruitment platform Glassdoor, Divido previously received a £200,000 ($267,000) grant from Innovate UK.
“Christer and his team have built a very resilient and highly scalable payment solution and the company’s rapid growth is testament to the value it provides to retailers,” said Michael Jackson, partner at Mangrove Capital Partners.
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