Nordea turns to Divido platform for lending push
Divido is a London-based consumer finance firm and offers a multinational white-label platform for point-of-purchase lending.
Christer Holloman, CEO and co-founder, Divido, explains: “By licensing Divido, Nordea Finance will have access to technology that enables it to differentiate its product proposition and offer new credit products at the point-of-purchase.”
He adds: “Nordea Finance merchants will be able to access multiple markets through a single integration, saving them money, time and effort.”
According to Divido, the bank didn’t want to build a new lending platform in-house to replace its current legacy systems.
Divido’s technology is used by over 1,000 partners – including BMW and Shopify. It was backed by Mastercard and American Express Ventures in its latest funding round.
In other Nordea-related news, the plan for a pan-Nordic payment network will see formal investment and the creation of a legal entity later this year.
Nordea is one of the banks behind Project 27 – so-called for the 27 million people who live in Sweden, Norway, Denmark and Finland.