London-based financial technology company Divido has partnered with monthly instalment payment solutions provider Splitit Payments for point-of-sale finance.

The partnership will allow Divido’s network of retailers, banks and partners to use Splitit instant finance solution.

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It will bring the option of instalment payments to several multinational retailers and will make Splitit’s omnichannel and cross-border instalment solution available to Divido’s merchants and customers initially in the UK and US.

Occurring through Divido’s lending platform, at the checkout, customers are required to select the period of time they wish to pay via monthly instalments and enter their card details.

The initial instalment will be taken right away, and for every subsequent month, the monthly instalment amount will be withdrawn by Splitit.

Divido CEO and co-founder Christer Holloman said: “The fast-evolving nature of the retail industry means that point-of-sale finance is now seen as a hygiene factor for multinational retailers around the world.

“Working with Splitit via our lending platform, through one single integration we’re able to extend our reach even further and serve the instalment needs of even more multinational retailers and end-consumer around the world.”

The global white-label platform, Divido, has been facilitating transactions since 2015. At present, the platform is live in 10 countries and has been licensed by companies such as BMW, BNP and Shopify.

Splitit is a payment method solution which allows customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments. It does not ask for additional registrations or applications.