Leading UK LendTech Pioneer DivideBuy Appoints ex-Barclaycard & GE Capital Director Teresa Byrne to Chief Commercial Officer
- DivideBuy names former Barclaycard & GE Capital Director as Chief Commercial Officer to accelerate scaling and product innovation for the disruptive LendTech
- New CCO will set ambitious strategic direction for DivideBuy’s responsible lending solutions, including increased automation for more scaling power
- The news follows DivideBuy’s milestone £300m funding agreement with Davidson Kempner Capital Management LP
DivideBuy, the leading UK point-of-sale (POS) finance pioneer, has announced the appointment of Teresa Byrne to Chief Commercial Officer to drive its ongoing growth strategy of enhancing platform automation and product innovation.
With its unique business model of being both tech solution provider and lender, DivideBuy’s latest senior appointment demonstrates its commitment to providing consumers in all income groups with affordable POS finance based on responsible lending practices, as well as giving merchants the ability to offer more consumer payment choice through its highly agile, automated LendTech platform.
Previously International Commercial Director at Barclaycard, International Director at Elavon, a notable payment service company, and a Director at multinational conglomerate GE Capital, Teresa has more than 20 years’ experience of leading successful businesses across Europe, and strengthening commercial teams with the insights to identify new market opportunities. With DivideBuy already scaling rapidly amid an unprecedented period of growth for the Staffordshire-based LendTech provider, Teresa’s impressive track record of attracting talent and dynamically generating exponential sales growth makes her ideally placed to spearhead DivideBuy’s European expansion plans.
Teresa will devise and implement the ambitious strategic direction for DivideBuy’s responsible lending solutions, including the expansion of product innovation and powering more automation through its new end-to-end, cloud SaaS platform. With these increased capabilities and agility, DivideBuy will scale up much quicker to support the acquisition of new merchants and Interest Free Credit (IFC) white label partnerships, and increase uptake of DivideBuy’s POS finance solutions, as the LendTech provider builds on the strong momentum it’s generating both at home in the UK and internationally.
Teresa Byrne, new CCO at DivideBuy, commented: “I’m thrilled to be joining DivideBuy at such a pivotal time in its growth trajectory. DivideBuy is making POS finance fair, ethical and affordable for consumers, and helping merchants to grow their market share and customer insights through our innovative, automated LendTech platform that takes care of customer acquisition, onboarding and credit approvals.
“DivideBuy’s success is not just down to the ingenuity of its technology, it’s our talented people and collaborative culture that are driving results. DivideBuy puts consumers at the heart of everything it does, and that’s one of the key drivers that attracted me to the business. It’s not just about the numbers, it’s about a high-performing team, like the one here at DivideBuy, which is capable of taking the business around corners and at speed. This business is agile and has the foundations and, more importantly, the people to write the future of the high-value POS market. We are laser-focused with ambitions of scaling into Europe, and excited to bring a new product suite to market in the coming months.”
DivideBuy’s revolutionary approach to providing affordable lending solutions comes at a time when IFC is the fastest-growing eCommerce payment method in the world today, accounting for 2.9% of global eCommerce transaction value in 2021 and projected to account for a 5.3% share of the market by 2025. In fact, the IFC POS finance market, driven by agile technologies, like DivideBuy’s, will be worth £27 billion by 2024. The surge in popularity in IFC can also be linked with the millennial generation, with 54% of UK consumers in this age bracket using it as an easy and convenient payment option, in comparison to credit cards that charge interest and higher fees.
Teresa’s appointment follows a series of landmark announcements for DivideBuy as it continues its stellar growth trajectory. In late 2021, it announced an impressive £300m funding agreement with global investment management firm, Davidson Kempner Capital Management LP.
The investment has been instrumental in driving DivideBuy’s charge as a leading player in the POS finance market and has further bolstered the disruptive fintech’s C-suite, platform investment and merchant network, both in the UK and internationally. The Newcastle-under-Lyme business has also ranked on Deloitte’s UK Technology Fast 50™ for three consecutive years and was the only business outside London to break into the top 10 on the 2020 list.
Robert Flowers, CEO of DivideBuy, commented: “DivideBuy has one goal – to make fair, ethical, affordable and fee-free lending accessible to consumers at all income levels. We have always put the consumer at the heart of our business and pride ourselves on being able to help consumers make informed purchasing decisions thanks to having no late fees, instalment repayments over longer periods, deposit weightings and payment holidays.
“Teresa’s appointment will further engrain our ethos of ethical and accessible lending throughout our people and our business and will ensure we can continue to scale and redefine the ethical consumer credit space. With Teresa’s guidance and experience, we are well placed to become the go-to credit partner for consumers and merchants, offering the nation’s shoppers truly flexible finance.”
To find out more about DivideBuy and its benefits for merchants and their customers, go to: www.dividebuy.co.uk