- humm group (HUM) partners with Westpac New Zealand (NZ) to bring its buy-now-pay-later (BNPL) app “bundll” to the island nation
- The joint venture agreement with Westpac NZ’s subsidiary marks the first contract signed under humm’s strategic global agreement with Mastercard
- In what the company says is a first for New Zealand, the bundll app allows customers to BNPL wherever they go with no minimum spend
- Already offered in Australia, the product will be available to NZ customers from August
- humm shares are trading 2.5 per cent lower at 98.5 cents each at 11:19 am AEST
humm group (HUM) has partnered with Westpac New Zealand (NZ) to bring its buy-now-pay-later (BNPL) app “bundll” to the island nation.
The company has entered into a joint venture agreement with Red Bird Ventures, a subsidiary of Westpac, to deliver its product to New Zealand’s consumer finance market.
Notably, the partnership marks the first contract signed under humm’s strategic global agreement with Mastercard and will see bundll offered to anyone living in New Zealand, with preferential benefits given to Westpac NZ customers.
Using the Mastercard network, bundll allows customers to BNPL wherever they go with no minimum spend —a feature that HUM claims makes the product the first of its kind in New Zealand.
The latest offering also combines purchases into easy-to-manage instalments in a convenient digital app.
humm group CEO Rebecca James said the company was delighted by the partnership.
“BNPL is one of the fastest growing segments of the financial industry, and with this new arrangement Westpac NZ will reap the benefits of having an innovative and customer driven BNPL offering without having to build the product themselves,” Ms James said.
“bundll is a product that is built with partners in mind, so for organisations looking to enter the customer-first BNPL market, it’s the perfect solution.”
In Australia, bundll users reportedly made more than one million transactions in the third quarter of 2021.
The app will be available to customers in New Zealand as of next month.
The announcement follows news earlier this month of humm group’s potential historic exposure to $200 million in alleged fraudulent activities by Forum Finance — the financial services firm at the centre of allegations by Westpac.
Shares in humm group were trading 2.5 per cent lower at 98.5 cents each at 11:19 am AEST.