FlexiGroup's BNPL offering humm launches in New Zealand

FlexiGroup (ASX:FXL) was the only buy now, pay later company to finish in the green on Monday after announcing that its humm service would launch in New Zealand, replacing its Oxipay brand.

Flexigroup said a number of Kiwi retailers would join its roster of 2,400 merchants, including VIVO, The Cosmetics Clinic, Skin Institute, VetEnt, Dwight Outdoors, and Beaurepaires.

Other brands including JB Hi-Fi, Farmers, Pascoes Group, PB Tech and Freedom are also on the humm platform, the company said.

Flexigroup said that Kiwis would be able to use humm for transactions of up to $NZ10,000 ($9,200), in contrast to other BNPL offerings with a limit of $1,000.

“humm was designed with a clearly differentiated proposition of financing larger transactions above $NZ1,000,” Flexigroup chief executive Rebecca James said.

“While we are strongly leveraging our e-commerce capabilities, we are also focused on building and solidifying our in-store network for larger purchases, a key strength of humm which is difficult to replicate.”

Flexigroup said it would migrate its large existing customer base and established distribution network from Oxipay to humm.

Flexigroup bills itself as the original buy now, pay later company, having begun offering consumer finance services back in 1991.

With the rise of second-generation BNPL operators such as Afterpay (ASX:APT), Flexigroup has rebranded as humm and is asking shareholders to approve a corporate name change at its annual general meeting later this year. The renamed company will trade under ticker code HUM.