Venture capital investors Dawn Capital and DN Capital have led a $15m series-A funding round for London-based Divido, a consumer finance platform for retailers, lenders and payment intermediaries.
The deal marks the first investment for Dawn Capital since holding a first and final close in April 2018 for its $235m Dawn III fund, nearly three times the size of its predecessor, Dawn II. Fundraising was oversubscribed and the hard-cap was raised twice during the process, according to the VC.
Other participants in the round included Mastercard, American Express Ventures and previous investors.
Additionally, the Divido board appointed Renier Lemmens as chair. Lemmens has previously served as chief executive officer of PayPal EMEA, and chief operating officer of the international retail and commercial banking division of Barclays.
Seedcamp provided a round of seed funding for Divido in September 2014.
IQ Capital provided a £230,000 round of early-stage funding for Divido in June 2015.
Mangrove Capital Partners and DN Capital led a £2.5m seed funding round for Divido in September 2016.
Founded in 2014, Divido offers a finance-as-a-service platform for merchants and lenders to provide instant credit as a payment option to end customers. It partners with retail stores to allow shoppers to make expensive purchases, but rather than paying for them immediately, take out a contract with a credit provider on the spot. The firm is based in London.
Dawn Capital – Josh Bell (general partner).
Divido – Christer Holloman (CEO).
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