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Latitude Locked Into JB Hi-Fi For Four Years

Latitude Financial has locked in a four-year extension to its contract to offer interest-free installment payments to JB H-Fi and The Good Guys’ online customers.

The Latitude Gem Visa card gives customers five-year interest-free periods on a range of items at both stores. Latitude first signed with JB Hi-Fi in 2018.

Latitude CEO Ahmed Fahour said the deal shows “the importance in the current environment of merchants working with trusted partners that can be relied on to deliver for customers, as well as the value that our … instalment plans offer consumers at a time of rising costs”.

JB Hi-Fi boss Terry Smart said interest-free instalment plans “form an important part of our payment offering and provide customers with choice on how they would like to shop with us, both in-store or online.”

Latitude also offers interest-free payments plans to Harvey Norman customers, a deal it renewed for a further five years in late 2020.

This renewed deal comes at the end of a tough six months for Latitude.

Its share prices have fallen over 37 per cent this year, while a fortnight ago, the company rescinded an offer to acquire buy now pay later merchant Humm, a deal originally worth over $350 million.

“In light of the current major disruption in financial markets, Latitude and Humm have mutually agreed to terminate the proposed sale of humm consumer finance to Latitude,” Latitude told the ASX.

“BNPL represents less than 1 per cent of Latitude’s revenue and receivables.

“Latitude is experiencing good organic volume growth, is profitable and well capitalised to execute on a number of opportunities ahead.”

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