Afterpay Rival Snares Bing Lee, Jaycar, Betta
Afterpay rival, Flexigroup, has signed on several Aussie CE retailers for its ‘humm’ buy-now-pay-later platform including; Retravision, Bing Lee, Betta Electrical and Jaycar.
The news brings humm’s partner count to 15,000 locations nationwide, following launch in May.
Launch retailers included the likes of Myer and IKEA, further intensifying pressure on rivals Afterpay and ZipCo.
Humm reportedly boasts over 1.3 million local users, trumped by Afterpay with over 4 million.
Shares in Flexigroup lift as much as 12% in early trade, closing up 9.67% to $1.81.
ZipCo shares remained flat, whilst Afterpay slipped 1.42%.
As a matter of differentiation, humm offers customers two different options – one for sub $2,000 purchases, and one up to $30,000 payable over 30 months.
The news comes as buy-now-pay-later competition continues to ramp up, with many analysts warning consumers against over indulgence.
Flexigroup Chief Executive, Rebecca James, claims the differentiated approach offers an edge over rivals.
Whilst Afterpay adjusts its maximum value according to a customer’s repayment ability, Zip offers a maximum cap of $1,000.