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Flexigroup and humm Merge to Form One Unified Brand
Flexigroup and humm are unifying under one name in an effort to streamline the BNPL platform for both consumers and businesses.
Flexigroup has announced double-digit volume growth in the last 12 months, with 172 percent online growth YOY in the BNPL category. The platform has also experienced 37 percent consumer growth in FY20, which accounts for 570,000 new retail customers.
With the unification of humm and flexigroup, the BNPL platform has also launched bundll, the ‘buy anywhere, pay later’ platform earlier in February.
“FY20 has seen flexigroup make significant progress against its strategy, with the Company now primed for sustainable and profitable growth. With the simplification of the business nearly complete, and a common credit decision platform in place across our core consumer product suite, we are ready to put our firepower into larger ticket buy now pay later, and expand our offering with humm90 and bundll (powered by humm). We are now more nimble with a clear focus on the products that will continue to drive our growth,” said CE of flexigroup, Rebecca James.
Furthermore, the platform has amassed 5,000 new retailers under its name. As such, the BNPL platform is making a massive change to the way it’s presented, by unifying Flexigroup and hum as one core brand.
“On the back of our significant achievements to date, we see a clear rationale to unify and rebrand our business around humm as the final step of our simplification journey,” said Ms James.
“The single humm ecosystem will create a seamless checkout experience under one brand for our customers and retailers, with significant cross-promotional opportunities, and lower customer acquisition costs through a boost in brand awareness. It will also simplify our story to our customers and retailers, and clarify our significant market position as a leading BNPL player and provider of long term interest free solutions.”
The unification of flexigroup and humm will become a single platform that will serve online shoppers, SMEs and everyone in between. Throughout the pandemic, flexigroup set aside a macro overlay provision of $30.9 million as a result of the projected economic impact of COVID-19.
As a result of the pandemic, flexigroup launched a program that assisted those who were in need of financial assistance. Following the preemptive adjustments to credit decisioning undertaken in March 2020, the Group found that more than 50 percent of customers who entered financial hardship during the pandemic have resumed their normal payment arrangements.