Simble follows partnership strategy into new deal with Splitit
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Energy-tracking software company Simble Solutions (ASX:SIS) is giving users the option to buy now, pay later.
SIS announced a new tie-up with BNPL operator Splitit (ASX:SPT) this morning, as it focuses on a partnership approach to building scale.
The company’s SimbleHome App is a software-as-a-service platform that helps users to track their household energy use.
Simble has also launched an upgraded version of the app which can connect with other Internet of Things (IoT) energy devices in the home.
And customers can now choose to pay their recurring SaaS fees in a BNPL fashion using Splitit.
Simble’s deal with Splitit will give it the ability to offer a BNPL payment model “over 2 to 36 instalments at no additional cost to the customer”, the company said.
Like other BNPL services, the deal “removes potential friction” in customer acquisition for Simble at a “low cost” to the company.
It follows a string of partnerships taken up by the company as it looks to expand distribution channels.
Last week, shares in SIS got a boost after the company announced a marketing and reseller agreement with retailer Harvey Norman.
Under the terms of the deal, SIS will establish a demonstration setup in a Harvey Norman showroom at Taren Point in NSW.
Harvey Norman will also promate the SimbleHome app to various residential and commercial construction projects in the ACT and NSW.
In August it partnered with online energy marketplace Accurassi, and it’s also deepened ties with property group Mirvac (ASX:MGR) — a deal which will see the SimbleHome app offered to customers at Mirvac’s Georges Cove Residences project in south-west Sydney.
Commenting on the Splitit deal, CEO Ronan Ghosh said it will “enable us to secure our access to guaranteed payments, while also making it more affordable for end customers to sign up”.
Ghosh also flagged Simble’s lofty goal for “every home in Australia to use this solution” as part of the electricity management practices.
Shares in the $8m market cap company were up by around 10 per cent in morning trade to 3.8c, but the stock is still well off its February 2018 listing price of 20c.