Interest-free credit provider DivideBuy has come out on top of a prestigious ranking of the UK’s 50 fastest-growing technology companies.
The Newcastle-under-Lyme fintech business has been named the overall winner of Deloitte’s 2020 UK Technology Fast 50 award after reporting an average growth rate of 20,733 per cent to 2019/20.
Dividebuy – which ranked third in last year’s competition – employs 50 people and works with more than 500 small, medium and large corporations to provide consumers with access to interest-free credit.
The company was founded in 2015 by serial entrepreneur and CEO Robert Flowers.
Jo Balsamo, chief marketing officer at DivideBuy, said: “DivideBuy’s growth is testament to our talented team and has been driven by strategic investment, allowing us to acquire over 500 retailers to date.
“This is just the beginning of a long and exciting road ahead. Moving forward, we’re continuing to evolve our checkout, lending process and platform, while adopting a strategy that provides long-term value to our investors.
“DivideBuy’s technology platform is built on retail understanding and consumer insight, solving many common pain points for retail businesses. This approach enables retailers to provide a credit option at the checkout, with real-time credit decisions, thereby leading to increased retail sales.
“Ultimately, we understand that choice is the key driver influencing consumer buying behaviour today. We want to make sure we’re making the online shopping experience convenient and hassle free by offering an easy payment method. This is, after all, the future of e-commerce.”
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The Deloitte 2020 Technology Fast 50 recognises and ranks the 50 fastest-growing tech firms in the UK based on revenue over the last four years.
This year’s cohort of winners represent companies at the forefront of the sector, with more than 10,400 employees across the 50 companies, an impressive average growth rate of 2,898 per cent and total revenues in 2020 of over £2.2bn.
Claire Jolly, partner and head of TMT in the North West at Deloitte, said: “The staggering growth of this year’s Fast 50 is testament to the strength of the UK’s technology industry which has continued to prosper in spite of significant market disruption.
“Their exceptional success in recent years is a marker of their tenacity, commitment and creativity. I would like to offer my personal congratulations to all of this year’s Fast 50 winners.
“DivideBuy’s three-year growth rate is outstanding. Several lendtech providers have experienced rapid growth in recent years, but DivideBuy’s distinctive brand and intuitive platform have seen them excel ahead of the pack. We look forward to seeing where they go next.”