Bing Lee, Betta, Bi-Rite and Retravision.
FlexiGroup has added a number of high profile retailers including Bing Lee, Betta Electrical, Bi-Rite Home Appliances and Retravision, to its Buy Now Pay Later (BNPL) platform, humm. These retailers represent healthy momentum across humm’s target verticals of homewares, electrical, health and home improvement.
Humm has added 2,000 seller locations since May 2019, taking its total partners to 15,000. Humm is driving higher value sales with an average transaction value of $3,760 with its ‘big things’ wallet and over $400 for ‘little things’ online – nearly double that of other BNPL payment types.
Commenting on the announcement, flexigroup CEO, Rebecca James (pictured) said, “Increasing retailer relationships and reinvigorating flexigroup brands are core elements of the business strategy. Key components of the plan also include the right-sizing of the group cost structure, simplifying and modernising IT systems and marketing – all areas in which increased investment is being made.
“Our BNPL offering was the first of our suite of products to undergo simplification – merging two little known brands into one compelling proposition. humm’s differentiated offering – enabling transactions up to $30,000 completely interest free – is not only resonating with both retailers and consumers, but is also displacing competitors in key categories.
“Retailers are favouring humm’s broader demographic and spending power, helping them drive higher value sales. And shoppers are embracing the ability to make larger lifestyle purchases more affordable by paying in interest free instalments.”