Zopa is poised to complete its first acquisition with the purchase of point-of-sale and lending platform DivideBuy in a move to ‘bring to life’ its Buy Now, Pay Later (BNPL) offering.
The bank said its BNPL 2.0 offering will combine technology and FinTech innovation to enable instant decisions and fully integrated consumer journeys with consumer protection, credit checks and safeguards.
Zopa said it has made the move to buy DivideBuy in response to consumer needs to simplify their finances, and that together the companies will bring a ‘simple and fair’ solution to larger purchases - £250 to £30,000 – that “may otherwise take consumer months or years to save up for”.
Jaidev Janardana, chief executive at Zopa, said: “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 recently passed the £3 billion deposits mark, claiming to be the fastest challenger bank to do so.
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