Divido partners with Novuna Consumer Finance to drive checkout finance growth
Written by Marketing Team
London, UK – 21st July 2022: Novuna Consumer Finance, part of Mitsubishi HC Capital UK PLC, becomes a key lending partner to Divido Financial Services Ltd.
UK-based checkout finance platform provider Divido today announces a partnership with Novuna Consumer Finance, one of the UK’s leading point of sale finance providers, to enable merchants to provide competitive whitelabeled finance to their customers.
- Merchants to benefit from Divido’s seamless checkout finance journeys for instore and online purchases, now with attractive finance options from Novuna
- Novuna Consumer Finance’s UK merchant client base can now use Divido’s solution worldwide by easily adding additional lenders to support new countries
- Partnership combines Novuna Consumer Finance’s 40+ years of retail finance expertise with Divido’s award-winning technology
Merchants using the Divido checkout finance platform strengthen their brand and increase conversion rates by having their own whitelabelled solution. Divido’s journeys achieve conversion rates of up to 76% with support instore and online.
The partnership will allow Divido merchants to benefit from greater choice and flexibility when choosing a lender to provide finance options. Divido will leverage Novuna Consumer Finance’s 40+ years of experience and deep expertise in a wide cross-section of retail verticals to offer competitive lending rates and higher rates of acceptance through their platform.
Divido forecasts that merchants working with Novuna Consumer Finance through their whitelabel platform will benefit from increased volume of sales through retail finance, higher average basket sizes, and greater rates of repeat business. The partnership will allow Divido to offer their retail finance platform to a wider network of large retailers.
Meanwhile, Novuna Consumer Finance’s portfolio of existing merchants will benefit from Divido’s global platform, allowing them to expand their retail finance offering to international markets.
Todd Latham, CEO of Divido, said:
“This is a landmark partnership for the retail finance sector. With a lender like Novuna Consumer Finance behind the Divido platform, we’ll have the capability to expand our whitelabel platform to a greater number of retailers in the UK.
“We look forward to increasing the scope of our partnership to benefit from Novuna Consumer Finance’s established expertise in the market.”
Brian Flesk, Head of Retail at Novuna Consumer Finance, said:
“We are incredibly proud of this exciting new partnership with Divido.
“Our carefully crafted suite of flexible finance options has been built with customers in mind. Our tailoring options reduce the overall number of declined applications, helping retailers win more customers, as well as maximising on those with high affordability.
“These and many more services allow our retailer partners to offer customers exactly what they need: flexible finance options with low-cost monthly payments, all at the click of a button on their ecommerce platform, or quickly and simply in store.
“With over 40 years’ experience, we’re looking forward to continuing to grow within the UK and tapping into a wider international market with the support of Divido.”
About the companies:
Divido Financial Services Ltd. is a London-based financial services enterprise that connects Tier One lenders with retailers through its proprietary, whitelabelled retail finance platform.
Established in 2014, the company is the only provider of whitelabel point-of-sale finance solutions in the United Kingdom. Divido was recognised by Deloitte in 2020 as one of the UK’s fastest-growing technology companies in the UK. In June 2021, Divido raised $30 million through Series B funding, led by investors HSBC and ING, to build out its market-leading and award-winning platform.
Novuna Consumer Finance, the new name for Hitachi Capital Consumer Finance, is one of the UK’s leading providers of retail point of sale finance and personal loans, lending over £2.3bn to more than a million customers each year.
The business works with 3,500 retailers, from high street brand names to niche online ecommerce retailers, providing fast, flexible finance solutions that integrate into all channels. Its loans channel, Novuna Personal Finance, has been voted the UK’s ‘Best Direct Personal Loan Provider’ in the Your Money Awards for seven years running, and the business retains one of the highest customer satisfaction scores in the market.
Novuna Consumer Finance is a trading style of Mitsubishi HC Capital UK PLC, part of Mitsubishi HC Capital Inc., one of the world’s largest and most diversified financial groups, with over £60bn of assets.
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