UK Buy Now, Pay Later (BNPL) firm DivideBuy has secured a £300 million investment to accelerate its growth.

500 retailers, including Cloud Nine and Simba Sleep, are already using the company’s technology.

Earlier this year, the Staffordshire-headquartered business hit £150 million in gross merchandise value. The flexible payment firm said that it is on track to increase this number by £25 million by the end of the year.

“DivideBuy has one goal - to make Buy Now, Pay Later transactions easy and accessible to retailers and customers,” said Rob Flowers, founder and chief executive of DivideBuy. “The sheer scale of this investment underlines the strength of DivideBuy’s business model, and how we’re revolutionising the POS finance sector by owning the full lending journey with assistive technology, automated soft credit checks and transparent lending with no hidden fees.”

The chief exec said that the money would enable the business to expand its BNPL service to more retailers.

In 2019, DivideBuy secured more than £60 million of equity investment and debt financing from private equity investors, which was used to develop its technology and provide leverage to accelerate its lending.

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