- FlexiGroup's (FXL) buy now, pay later service humm has signed up dozens of new retailers and health providers, including Bally and Amart Furniture
- humm also recorded 315 per cent growth in e-commerce volume in the fourth quarter of the 2020 financial year
- While total transaction using the service grew 447 per cent year-on-year
- The company has also begun allowing customers to use its buy now pay later service to pay bills, via BPAY
- Following the positive retail update, FlexiGroup shares are trading up 7.02 per cent at $1.30 each
FlexiGroup's (FXL) buy now, pay later service humm has signed on dozens of new retailers and health providers, capping off a strong fourth quarter.
The company announced in today's retail update that it had recorded 315 per cent growth in e-commerce volume during the quarter ending on June 30, 2020.
While year-on-year growth during the same quarter was up 447 per cent in terms of total transactions using the service.
FlexiGroup CEO, Rebecca James, attributed the growth to a record number of retailers signing up to their service.
"The work we’ve undertaken to simplify and speed up merchant integration, with online retailers now up and humming in 48 hours, is driving our continued business performance," she said.
Amongst the new brands signing on to the buy now pay late service, which allows for interest-free spending on purchases up to $30,000, are luxury leather goods brand Bally, Amart Furniture and fertility clinic First Step Fertility.
In total, there was a 54 per cent increase in the number of new brands signing up to humm in the fourth quarter, compared to the same time last year.
The company has also begun allowing customers to use its buy now pay later service to pay bills, via BPAY.
"As consumers continue to adopt buy now pay later into their everyday spend, we are excited to announce humm’s new BPAY feature that will help Australians manage their finances during a time when budgeting and flexible repayments are increasingly in demand," said Rebecca.
Following today's positive retail update, shares in FlexiGroup are trading up 7.02 per cent, at $1.30 at 10.52 am AEST.