Nordea is moving into the booming market for instant credit at the point-of-sale, striking a relationship with white label platform provider Divido.
Nordea Finance will licence Divido's technology under its own brand, rolling out the platform across key markets, beginning in Norway, quickly followed by Finland, Sweden and Denmark.
Backed by Mastercard and American Express Ventures in its latest funding round, Divido's software suite provides Nordea Finance with the ability to provide instant credit in multiple currencies across multiple markets.
Changing global retail appetite has seen the importance of point-of-purchase finance solutions grow in popularity over the last few years, providing an entry point for non-bank providers such as Amazon and Paypal, and fintechs like Sweden's Klarna.
PayPal last week reported that its wallet-based revolving line of credit product PayPal Credit has reached a total of $50B in total payment volume in the US since the 2008 acquisition of Bill Me Later.
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