Leading LendTech company, DivideBuy, has been ranked third in the 2019 Deloitte UK Technology Fast 50 – one of the UK’s most prolific technology awards, celebrating the fastest growing technology companies across the region.
DivideBuy was recognised by Deloitte – one of the “Big Four” accounting organisations – for its revolutionary approach to the interest free credit model, allowing for an easier and more attractive form of lending technology than its competitors.
“Making the Deloitte UK Technology Fast 50 is a testament to a company’s commitment to technology,” said Deloitte’s technology partner for the North West. “With its 23,878% growth rate over four years, DivideBuy has proven that its leadership has the vision and determination to grow in competitive conditions.”
With DivideBuy, founder and CEO Robert Flowers, aims to challenge the negative perception of interest free credit that typical lending companies have fuelled. Stressing the importance of “responsible lending”, he believes that consumers should be able to buy whatever they want, when they want, without worrying about hidden fees and complex sign-up processes.
Based in Stoke-on-Trent, DivideBuy has grown substantially since it was established in 2012. Starting with only a handful of employees and an initial angel investment of £130,000 to work on the prototype, the company quickly gained interest from a wide range of investors. In late 2014, DivideBuy raised £3.5m from Jon Moulton, through his family office. Last year, they closed a further £60m round – a mixture of equity funding and debt financing. Jon Moulton invested, alongside Souter Investments, the family investment office of Sir Brian Souter.
DivideBuy is now a major fintech player, employing over 50 people and partnering with over 500 UK businesses.
“We’ve taken what was a complicated process and made it simple,” says Flowers. “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,” he continued.
This ease of use, Flowers claims, has made DivideBuy very appealing to retailers and customers, allowing it to grow at the rate it has. Flowers added: “Making it onto the Fast 50 list is a major achievement and a testament to the hard work of the team – and coming third is a huge honour.”
For 22 years, the Deloitte Technology Fast 50 has acknowledged countless high-profile business’, such as Checkout.com, Deliveroo and Square Enix, and DivideBuy is honoured to be among this prestigious crowd. Deloitte not only factors in the speed of success but also a company’s innovation in the market and entrepreneurial achievements.
“The Deloitte Technology Fast 50 shines a spotlight on the UK’s fast-growing technology companies and is internationally revered as one of the most important business awards in the industry” Duncan Down, lead partner for the Deloitte UK Technology Fast 50.
Click here for the full Deloitte Technology Fast 50 ranking.
DivideBuy aims to dominate the LendTech space. The technology solution will soon be white labelled to enable small and medium-sized businesses to offer interest free credit for the first time, supporting the growth of these SMBs. Once he has achieved his goals for the UK, Flowers will also look to expand DivideBuy into other European markets.
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