Deko partners with Newpay to expand the lender panel

By Joy Dumasia

Deko has announced the expansion of its lender panel with the addition of Newpay, a new-to-market digital credit account. This innovative product is designed to help consumers responsibly spread the cost of larger purchases with an easy, flexible and straightforward way to pay. 

Merchants can offer various repayment options at checkout, including monthly instalments, flexible credit, and interest-free finance. Newpay is specifically designed for larger baskets and can manage multiple purchases.

Newpay is accessed exclusively through the Deko platform, which is integrated across a growing retailer network. The addition of Newpay is the latest expansion of the Deko multi-lender ecosystem, which features interest-free deferred payment options or an instalment credit product – all integrated into a merchant’s checkout.

Deko has worked with thousands of merchants across the UK, and since its inception, has processed over £3bn worth of credit applications. The introduction of Newpay is part of Deko’s commitment to enhancing a merchant’s ability to grow its customer base and unlock customer loyalty.

Mike Dawson, CEO of Deko, said: “It is perhaps one of the most critical times in recent memory for merchants in the UK. After the turbulence and uncertainty of the past 18 months, customers are finding their feet again. Today it is all about speed and ease for customers. By adding Newpay to our lender panel, we are helping merchants deliver flexible finance options to their customers, all within a matter of seconds.”

Ian Corfield, Chief Commercial Officer of NewDay, commented: “We are excited to launch our Newpay product through the Deko platform. We know that merchants are looking for seamless ways to make the shopping experience effortless while driving sustainable growth.”

Recently, IBS Intelligence reported that Deko, the leading retail finance ecosystem, announced the appointment of Tom Myles as Chief Technology Officer and Rob Fernandes as Chief Product Officer, in roles that will drive the expansion of the business as it looks to add value to its users enhance its product offering.