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Divido bags $30M to take its ‘buy now, pay later’ platform to more markets

by Natasha Lomas

London-based Divido, a whitelabel platform for retail finance that integrates with ecommerce platforms (but can also support omni-channel) so retailers can offer consumers a ‘buy now, pay later’ option at the point of sale, has bagged a $30M Series B to fund international expansion.

The funding round is led by global banks HSBC and ING, with participation from Sony Innovation Fund by IGV*, SBI Investment, OCS, Global Brain and DG Daiwa Ventures along with existing investors DN Capital, Dawn Capital, IQ Capital and Amex Ventures.

The Series B follows a $15M Series A back in 2018 — when the fintech product was available in a handful of European markets and the U.S., with a goal of launching in 10 more countries by the end of 2019.

Evidently, that anticipated rapid-fire international expansion didn’t exactly pan out as planned, as Divido is only operating in ten markets across two continents now — a little under two years later. But, flush with Series B funding, it says it’s looking to fuel the pace of its international push.

The 2014-founded startup operates a marketplace model where lenders compete to offer the most suitable credit line to consumers to grease purchases — partnering with businesses such as banks, retailers and payment partners so they can offer a ‘Buy Now Pay Later’ to their users at the point of sale.

Klarna confirms new $31B valuation

Divido claims its product leads to up to 20%-40% more sales for retailers — and it says it has (Read more...)

Amount raises $99M at a $1B+ valuation to help banks better compete with fintechs

by Mary Ann Azevedo

Amount, a company that provides technology to banks and financial institutions, has raised $99 million in a Series D funding round at a valuation of just over $1 billion.

WestCap, a growth equity firm founded by ex-Airbnb and Blackstone CFO Laurence Tosi, led the round. Hanaco Ventures, Goldman Sachs, Invus Opportunities and Barclays Principal Investments also participated.

Notably, the investment comes just over five months after Amount raised $86 million in a Series C round led by Goldman Sachs Growth at a valuation of $686 million. (The original raise was $81 million, but Barclays Principal Investments invested $5 million as part of a second close of the Series C round). And that round came just three months after the Chicago-based startup quietly raised $58 million in a Series B round in March. The latest funding brings Amount’s total capital raised to $243 million since it spun off from Avant — an online lender that has raised over $600 million in equity — in January of 2020.

So, what kind of technology does Amount provide? 

In simple terms, Amount’s mission is to help financial institutions “go digital in months — not years” and thus, better compete with fintech rivals. The company formed just before the pandemic hit. But as we have all seen, demand for the type of technology Amount has developed has only increased exponentially this year and last.

CEO Adam Hughes says Amount was spun out of Avant to provide enterprise software built specifically for the banking industry. (Read more...)