Join our daily newsletter At The Bell to receive exclusive market insights
- FlexiGroup signs with Myer, Ikea and JB-Hifi NZ for ‘humm’ platform
- Afterpay rival allows for larger purchase pay-back periods
- Jumped 23 per cent in the ASX
FlexiGroup climbed 23 per cent in the ASX today after announcing an entrance into Myer, Ikea and JB-Hifi NZ retailers.
Afterpay competitor FlexiGroup provides a ‘buy now, pay later’ programme through its ‘humm’ mobile app.
Other companies included in the announcement were leather goods Strandbags, Solomon’s Carpets, hearing service providers National Hearing Care, National Dental Plan and IVF service group City Fertility.
FlexiGroup CEO Rebecca James says humm’s strengths and liberties over rival Afterpay is a first for Australian shoppers.
Purchases through the app up to $2,000 are given a grace period of six to 60 months. Purchases over $2,000 are able to be repaid within two-and-a-half months to five months.
“Consumers are demanding to have greater control over their finances, and Humm gives them the ability to finance the little things and the big things in a way that helps with affordability and managing their household budget.
“The addition of these leading brands across our target verticals reinforces the strength of Humm’s offering – bringing new growth opportunities to retailers and delivering a unique and compelling user experience direct to consumers,” said James.
The company’s previous similar ventures were named Certegy Ezi-Pay and Oxipay, before humm was unveiled earlier this year in February.
Around the same time, Rebecca James was appointed as CEO and veteran investor John Wylie pumped $21.5 million into the company through venture capital Tanarra Capital.
Humm is available in over 62,000 businesses with a reported customer based of over 1.2 million across Australia, New Zealand, and Ireland.
Shares opened at $1.44 each today, before climbing to $1.66 a piece.
