humm is partnering with neobank Douugh for its first joint venture with a 'powered by humm' branded BNPL solution for the US market.
In addition to the partnership, humm will also invest $2.5 million in Douugh to support its research and development, marketing and growth.
The joint venture (JV) aims to launch a Douugh-branded BNPL venture into the US market in the first half of 2022.
Douugh plans to utilise humm’s technology platform to manage credit up to USD $1000 through its dedicated ‘Credit Jar’ via the Douugh platform, and virtual Mastercard.
“Through our proposed joint venture with Douugh, we are taking our first steps into the United States as a company. At the same time, we are demonstrating how humm ventures can create innovative and novel ways to take humm’s world class technology and capabilities to expand its relevance and distribution,” explained Rebecca Jame,s the CEO of humm.
“As Australasia’s bigger buy now pay later partners with America’s newest neobank, we are proving that we can take what we have learned locally and apply it on the global stage, disrupting the payments industry and providing better customer experiences across the world.”
This is the first JV generated by humm, coming two weeks after the announcement of humm and Mastercard’s partnership to drive adoption of bundll and support its development.
humm will also be investing a $2.5 million as part of Douugh’s capital raise, with an issue price of $0.22 a share.
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