LendTech company DivideBuy, which was named the fastest-growing business outside London in 2019 by Deloitte, saw record figures this Black Friday. DivideBuy processed over four times more transactions than on a normal day, a new personal best for the company.
Black Friday is the biggest shopping event of the year in the USA and according to IMRG, £1.49 billion was spent on online UK retail sites on Black Friday in 2018. Despite the day having grown in popularity in recent years, 2018’s sales growth was the lowest ever recorded by the IMRG Capgemini Sales Index. A turbulent political climate has contributed to more lacklustre sales throughout 2018 and 2019, and the lack of growth has led some to question whether Black Friday is really worth it for retailers.
However, the evidence from this year’s Black Friday sales show the event can still provide a significant profits boost. This is especially true for larger items such as sofas and mattresses, which make up a large portion of Divide Buy’s business partner base of over 500 businesses.
Robert Flowers, the co-founder and CEO of DivideBuy, said: “We’re thrilled to have seen such a significant increase in transactions as a result of the sales. We are proud to say we were able to cope with the unprecedented demand thanks to our all hands on deck approach to customer service. It was a real team effort from everyone, especially the hard workers in our customer service team.”
DivideBuy was created to provide a customer-focused interest-free lending solution. Flowers previously had no experience in the Fintech industry. However, he felt customers had the short end of the stick when it comes to lending. So, he wanted to create a service that benefitted both retailers and consumers.
As a result, DivideBuy has achieved a 23,878% growth rate. It was recently recognised as one of the Deloitte “Big Four” accounting organisations for its revolutionary approach to the interest-free credit model which allows for an easier and more attractive form of lending than its competitors.
DivideBuy’s success makes it clear that Black Friday can be leveraged by new and growing businesses across Europe to achieve peak sales growth, despite economic and political uncertainty.