New High-Profile Retail Partners Joined Flexigroup’s humm Platform

  • May 08, 2019 AEST
  • Team Kalkine
New High-Profile Retail Partners Joined Flexigroup’s humm Platform

Flexigroup Limited (ASX: FXL) provides a diverse range of finance solutions to its customers. The company is a giant participant of the Buy Now Pay Later industry of Australia. In February 2019, the company had announced the launch of its humm platform, in line with its strategy to increase market share in the fast-growing Buy Now Pay Later (BNPL) market.

The company’s humm platform supports customers in financing their lifestyles when it comes to health, family, home, fashion and more. This platform has already captured already 17% market share of the BNPL transaction volume in Australia.

In an announcement made on 8 May 2019, the company announced that various new high-profile retail partners have joined the humm platform, representing continued momentum across humm’s target verticals. As per the company’s announcement Myer, IKEA, JB Hifi New Zealand, Solomon’s Carpets, Strandbags, National Hearing, National Dental Plan and City Fertility have joined the humm platform.

Following the release of this news, the share price of the company climbed up by over 22% during the intraday trade (AEST 1:55 PM).

While commenting on the Joining of the various new high-profile retail partners, the company’s CEO Rebecca James told that this reflects the appetite for more flexible Buy Now Pay Later solutions that can service an increased range of transactions and offer greater repayment terms to the customers of retailers. With humm, customers can now handle the ‘little things’ worth up to a value of $2,000, repaid over 2.5 or 5 months and the ‘big things’ worth more than $2,000, repaid over 6-60 months, quickly and easily, from the same app – an Australian first.

The addition of these leading brands across is reinforcing the strength of humm’s offering, bringing growth opportunities to retailers and providing a unique and compelling user experience direct to consumers.

In the first half of FY2019, the company attracted around 272,000 new customers to its products, added 5,000 new retail partners to its network, driven by the growth in the H1FY19 transaction volume which increased 19% to $1.31 billion, with total receivables of $2.55 billion. For H1FY19, the company reported a Cash Net Profit After Tax (NPAT) of $31.9 million.

While announcing the half year results, Ms. James had informed that there is an extraordinary opportunity to grow with the market in the company’s core products (Buy Now Pay Later, Credit Cards and Consumer and SME Equipment Leasing), all of which are in great demand.

Now, let’s have a glance at the company’s share performance and the return it has posted in the last few months. At the time of writing, i.e., on 8 May 2019 AEST 1:55 PM, the stock of the company was trading at a price of A$1.650, up 22.222% during the day’s trade with the market capitalisation of ~A$532.43 Million. In the past six months, the share price of the company decreased by 17.68% as on 7 May 2019. It has a 52 week high price of $2.340 and 52 weeks low price of $0.975 with an average volume of ~1,011,257.


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