Tech: FlexiGroup & Splitit are climbing this morning…and they actually had news
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Buy now, pay later (BNPL) stocks Splitit (ASX:SPT) and Flexigroup (ASX:FXL) are rising today and its because of company developments rather than investor appetite for their sector.
Splitit announced a deal that will bring it into South East Asian markets, while FlexiGroup announced it had added 2,000 sellers since May and now has 15,000 partners. The stocks have jumped by 6 per cent and 12 per cent respectively.
Splitit will enter Malyasia, Thailand, Indonesia and the Phillipines through a partnership with Malaysian-listed merchant acquirer GHL ePayments.
Splitit will be a payment option GHL will offer to retailers that utilise its platforms.
Meanwhile, FlexiGroup now counts as clients 15,000 stores including Bing Lee, Retravision, Jaycar and fellow ASX-listee 1300 Smiles (ASX:ONT).
One problem for the sector has been the lack of differentiation among the products. But both companies asserted theirs was unique.
FlexiGroup CEO Rebecca James said, “Humm’s differentiated offering – enabling transactions up to $30,000 completely interest free – is not only resonating with both retailers and consumers but is also displacing competitors in key categories.”
While Splitit’s CEO Danny Leong similarly lauded progress, it was GHL CEO Danny Leong who said Splitit was unique.
“Splitit’s non-lending option is unlike any other payment player’s and we believe this partnership will help us continue our growth as ASEAN’s trusted payment experts,” Leong said.
ServTech (ASX:SVT) will receive Italian government research and development tax incentives over $200,000. The virtual reality company serves (predominantly Italian) carmakers including Lamborghini, Maserati and Volvo Italy, assisting clients to better customise cars. It also reported receiving $106,134 in Australian government tax incentives related to Australian research and development.
One of the downsides to 9 Spokes’ (ASX:9SP) deal with Barclays was exclusivity provisions preventing additional UK clients. This morning the company announced these had been removed and CEO Adrian Grant said the (British) world was at 9Spokes’ feet. “With exclusivity provisions removed we are no longer precluded from these opportunities and we look forward to progressing these relationships,” he said. “We are confident of converting a number of these global organisations with whom we are in discussion.”