Afterpay rival Flexigroup signs up Retravision, Bing Lee for humm

Australian financial services company Flexigroup has signed up a raft of new retail customers for its humm buy-now-pay-later platform as it builds its offering against market-leader Afterpay.

Temple & Webster, Bing Lee, Retravision, Betta Electrical, Jaycar and Bi-Rite are the newest retailers to join the platform, alongside Pottery Barn owner Williams Sonoma. Dentistry business 1300 SMILES has also signed up, joined by solar services provider Sunboost.

This brings humm’s total number of partner locations to 15,000 across the country since its launch in May, when the company announced companies including Myer, Ikea and Strandbags had joined the platform.

The news sent shares of Flexigroup soaring up as much as 12 per cent to $1.86 in early trade before closing up 9.67 per cent at $1.815. Afterpay and ZipCo shares slipped 1.42 per cent and 0.98 per cent respectively.

Humm offers shoppers two different buy-now-pay-later services, one for small purchases capped at $2000, and another for larger purchases capped at $30,000 which customers can pay back over a 30-month period.

Since launch, shoppers have spent an average of $400 through the company’s small purchases offering, and an average of $3760 for the larger one.

Flexigroup chief executive officer Rebecca James said the company is hoping its split offering will attract users to the platform over other buy-now-pay-later solutions such as Afterpay and Zip Co.

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Source: Afterpay rival Flexigroup signs up Retravision, Bing Lee for humm