Divido and Splitit Join Forces to Address the Instalment Market

FACTS

  • The digital platform for retailers and financial institutions Divido teams up with the American company Splitit..
  • Splitit’s instalment solution will be made available in-store via Divido’s network, or nearly 1,000 retailers, and other partners in the UK and US.

CHALLENGES

  • Provide retailers with more choice and flexibility. Through this partnership, Divido will be enabling customers to rely on a new instalment solution at checkout. They will also be aiming for more targets, address the needs of more retailers and consumers more generally.
  • Reaching out for new markets. Through joining hand with the British lending platform, Splitit expands their scope of action as well as the reach of their payment solution, while also making progress in additional regions.

MARKET PERSPECTIVE

  • As the digital banking landscape evolves, industry players must build diversified payment experiences to meet customers’ expectations. Roughly 60% of the consumers would stick with a retailer if smooth payment processes are featured. One third of the customers in the UK deem that instalment options are fine means to spread their expenses over time (source: The Spending Index: Big Ticket Edition – Divido).
  • Divido closed a funding series in 2018. This financing round was led by Mastercard and American Express. As planned, they further aim for international reach, with special focus on the US and UK.
  • Splitit reported encouraging results, too, when gaining ground on these markets, which differ from the Asia countries they recently entered.

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