Nordea Finance to license Divido platform in Nordic markets

Nordea Finance will license Divido’s white-label point of sale lending platform for launch to retailers across several Nordic countries.

Divido, a London-based retail finance marketplace platform, announced on its blog that Finland-based Nordea will roll out its omni-channel lending platform under the Nordea brand. The initial country slated for immediate launch is Norway, which will be quickly followed by Finland, Sweden and Denmark.

Since the Nordea Finance unit, a division of bank holding group Nordea Bank Abp, services multiple countries with different currencies, it decided that it would be more prudent to use an existing platform to get to market more quickly. The payments market in the Nordic countries is rapidly evolving as cash disappears and consumers are increasingly using digital payments – in June Nordea Bank launched Apple Pay for its bank customers.

Last September Divido raised $15 million in a Series A capital round that included American Express Ventures and Mastercard as investors. According to Crunchbase, a website that tracks private equity funding for fintech startups, Divido has raised a total of $19 million over five funding rounds.

In addition to funding Divido, American Express Ventures’ most notable investments include iZettle (purchased by PayPal), ShopRunner, and the AI-powered fraud detection firm, Signifyd.

“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. With Divido, Nordea Finance merchants will be able to access multiple markets through a single integration, saving them money, time and effort,” Christer Holloman, co-founder and CEO of Divido, said in a blog post.