Propell shares surge after entering the BNPL space
The BNPL space has welcomed another entrant in fintech Propell (ASX:PHL).
PHL’s traditional bread and butter is financing and cash-flow solutions for SMEs. This has not just included money but also forecasting tools, credit options and instant invoice payment solutions.
As of the end of May it held 651 customers, and had made $439,000 in loans in April and May.
Today Propell has announced it was getting into BNPL in partnership with market giant Zip (ASX:Z1P). It will offer Zip on its platform to its SME clients.
The company says this will help in attracting new customers to the platform and underpin improved margin in Propell’s transaction business.
“A key focus at Propell, is to help our customers to better manage their finances and in particular their cash flow and the Zip BNPL product will immediately enable these improvements with their up-front payments solution,” said CEO Michael Davidson.
Initially the company gained on debut but since retreated despite launching a new Business Insights product and announcing solid customer growth since listing.
Today’s news saw it claw back much of the lost ground in the past few weeks.
Payright (ASX:PYR) signed an agreement with outdoor equipment manufacturer Masport and trade and services marketplace, Service Seeking, as a primary finance partner.
Payright says this provides access to 1,400 Masport dealers as well as 300,000 tradespeople and 250,000 local businesses thanks to Service Seeking’s marketplace.
Co-CEO Piers Redward said this deal was part of the company’s strategy to pursue sectors in the home improvement and outdoor living sectors.