Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Business

Zopa swoops in and acquires buy-now pay-later firm DivideBuy

Digital lender Zopa has said that it is to purchase buy-now pay-later firm DivideBuy as it kicks off a dealmaking push following a funding round earlier this year.

The deal marks the London-based bank’s first acquisition and comes after it raised a £75m warchest in January, which bosses said would be channelled into dealmaking. Zopa did not disclose the value of the deal this morning.

The two firms are now set to team up to offer credit to customers for bigger purchases between £250 and £30,000. It comes after the bank first announced a push into the crowded BNPL market in June last year with what it called BNPL 2.0.

“This acquisition helps us bring to life BNPL 2.0, an evolution of BNPL which we believe delivers the easy, integrated product which customers love whilst also addressing some of the issues around affordability and responsible lending which have plagued the sector,” Zopa boss Jaidev Janardana said today.

Zopa, a licensed bank, will offer customers a fully regulated product to customers. The launch comes as the Treasury confirmed earlier this week that it would grant the FCA powers to regulate the sector this year.

DivideBuy allows merchants to offer their customers interest free payment options at checkout. Shoppers can spread the cost of their purchases over a 2-12-month period with over 400 merchants.

Robert Flowers, CEO at DivideBuy said in a statement “we were delighted to be approached by Zopa in its search for a POS finance provider to support its vision of building Britain’s best bank.”

Read more:
Zopa swoops in and acquires buy-now pay-later firm DivideBuy

    You May Also Like

    Stocks

    In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved