DivideBuy was launched in 2015 as a ‘responsible’ retail credit provider which allows consumers to buy whatever they want, when they want without worrying about hidden fees and complex sign-up processes.
The Newcastle-under-Lyme firm has quickly grown from a start-up business with just a handful of employees and £100,000 of angel investment to employing around 50 staff in the 海角视频 and a further 30 in India – thanks to its revolutionary interest-free credit model and technology platform.
Today DivideBuy – which was ranked in third place in The Deloitte Technology Fast 50 in 2019 – works with more than 500 retail partners across the 海角视频 to offer a point-of-sale credit platform which lets people spread the cost of their purchases, completely interest-free.
DivideBuy CEO Rob Flowers said: "We've taken what was a complicated process and made it simple. DivideBuy purchases the item, undertakes its own credit checks and manages the repayment options with the customer – and this all happens in 60 seconds or less.
"The process is simple because DivideBuy is both the money lender and the tech provider. When a customer uses DivideBuy, there are no complicated forms to fill out or long waiting periods for approval from a lender. Our custom-made system can perform credit checks near-instantly and it only requires a few basic details from the customer."
Last year, DivideBuy secured more than £60 million of investment from private equity firm Souter Investments to help it further develop market-leading technology and support the growth of its retailer network, which already boasts big-name firms including Simba Mattresses, Reed, RED Driving School and Oak Furniture Superstore.
Rob said: "We have gone from a start-up business with a handful of staff to a business employing more than 50 people and being in the position to generate £70 million in sales this year. We have grown organically because we are unique, we are the only people in the Midlands, and outside of London, which builds technology and lets people spread the cost of their purchases completely interest-free."
DivideBuy has recently opened its interest-free credit solution up to online retail businesses with an annual turnover of more than £100,000 in a bid to help smaller and medium-sized enterprises attract customers during – and beyond – the coronavirus crisis.
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It is hoped that the payment option will ease the financial burden through the pandemic and encourage customers to spent with smaller retailers as well as creating new growth opportunities for businesses.
At the same time, DivideBuy has also launched a ‘soft search’ credit check functionality that lets customers know whether they will be approved for interest-free credit purchases without affecting their credit score.
Rob said: "The crisis we are currently facing affects us all, and we all need to do what we can to aid the national economy and protect those who are vulnerable. Our hope is that smaller retailers will benefit from offering their customers the chance to split up payments at this time, and that large value items will remain accessible to consumers – enabling them to buy what they need when they need it, with the option to pay later."
Over the next 12 months, Rob expects to see some major changes in the retail sector as shoppers are forced to adapt to a ‘new normal’ as a result of the pandemic.
This means DivideBuy will need to continue to innovate to ensure it can meet the changing needs of its retail partners.
He added: "We are already seeing changes in the industry, for example, those customers who don’t often shop online are being forced to shop online because of the lockdown and those who prefer to go into the bank to cash a cheque are now having to use mobile banking.
"I am expecting when we come out of this there will be longer-term social distancing put in place so people will continue to do things online, which means we will need to continue to innovate our technology solutions and help our retailers improve their online experience.
"There is disruption and it’s our job now to make sure that our retail partners can continue and support smaller retailers for the short-term to help them grow, perhaps enabling them to come out of this crisis stronger because of it."