Divido Set to Partner With Ford, VW to Offer Vehicle Repair Financing

Divido, a financing platform, is poised to secure partnerships with Ford Motor Co. and Volkswagen, after inking a deal with BMW Financial Services U.K. just six months ago, Mobility Buzz has learned.

The startup financial services platform pairs consumers with lenders to offer financing for unexpected repair costs following vehicle servicing, and by teaming up with major automakers, the company is preparing itself for the deployment of autonomous vehicles.

Self-driving vehicles will be more technologically sophisticated, and repair costs will likely be costly, which is why Divido is in a good position to offer financing for consumers, David Backshall, Divido’s commercial director, told Mobility Buzz.

And the startup is “already in discussions with Ford, VW, and other key OEMs,” he said.

Divido is one of five startups that participated in BMW Financial Services U.K.’s Innovation Lab, which concluded in December 2016.

“It has been difficult for us to navigate the different levels to get decisions made quickly,” Backshall said. By participating in the BMW Financial accelerator program, it provided Divido access to decision makers and influencers within BMW, which was particularly beneficial for the startup, he added.

While Divido has many lenders using its platform, for BMW specifically, Divido connects consumers with one third-party lender vetted by BMW. In the future, however, BMW Financial Services will be one of the lenders on Divido’s platform.

“When you talk about big businesses [like BMW], they can really benefit from third parties such as Divido,” he said. “It actually helps them to challenge themselves, but also to be able to collaborate and work with startups to take a solution from concept to market in a really fast way.”

Coming out of the 10-week Innovation Lab, Divido is ready for expansion.

“Our top priority is [expanding into] other markets,” Backshall said. “We are looking at Germany, Nordic countries, Spain, Italy, and France.”

Divido will be live in all of those countries by yearend, he added. “And then in 2018, we are looking to expand internationally, beyond Europe, as well.”

To learn more about the evolution of transportation, join us at the second annual Auto Finance Innovation 2017 conference, May 17-18 at the Hilton Bayfront in San Diego. Visit www.autofinanceinnovation.com to register or learn more. To request a media pass, contact Skylar Taylor at staylor@royalmedia.com.

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2 thoughts on “Divido Set to Partner With Ford, VW to Offer Vehicle Repair Financing

  1. Weirdly no one knows who there ‘lenders’ are. They appear to have one lender, Shawbrook.