DivideBuy has secured £60 million of equity investment and debt financing led by Souter Investments, Shawbrook and Paragon Bank.

The consumer credit FinTech said it would use the money to continue development of lending technology platform for its network of retail customers.

DivideBuy’s technology, which splits the cost of goods into instalments, runs on automated underwriting and decisioning process with 96 per cent of applications approved, rather than the traditional point of sale (PoS) market, in which certain customer applications are processed manually.

Max Thowless-Reeves, co-founder and non-executive chairman of DivideBuy, said: “Allowing retailers to offer interest free credit to their customers is conceptually simple, but in practice significantly complex.”

He added that the firm’s technology meshes with any retailer’s website and IT estate, offering customers interest free credit “in seconds”.

Robert Flowers, co-founder and chief executive of DivideBuy, explained: “Our adaptive lending technology assesses an individual’s risk profile and finds an approval solution that works for them.

“Whether it be developing the application to work seamlessly with assistive technology, or giving consumers the flexibility to log in to their account to change a payment date.”

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