Flexigroup Announces HY19 Results

Power Retail By Power Retail | 25 Feb 2020

Flexigroup has announced its HY19 results ending December 31st, 2019. The Buy Now, Pay Later company reported 1.87 million active customers, up 12 percent on prior comparative period (PCP). 

“The transformation strategy put in place 12 months ago is delivering, demonstrated by the key indicators over the last six months. Profit growth, strong double-digit volume growth across all current product propositions, and a significant reduction in losses in proportion to volume,” said Rebecca James, the CEO of flexigroup.

“This has been achieved in conjunction with transitional investments in technology, credit and collections capability, new product development and marketing. More importantly, our strategy has delivered three clear market propositions as well as unique, recognisable and visible brands that are loved by our customers.”

Flexigroup’s BNPL platform, humm, is announcing its partnership with a myriad of retailers and brands. Some include. Miele Australia and Duracell in-home, Malaysia Airlines and Boardriders in Lifestyle, United Chemists and Attune Hearing in Health, and Retail Apparel Group.

humm is also introducing photo ID scanning capabilities for security, which is a ‘first in BNPL’, the company reported.

“Our refreshed Buy Now Pay Later product humm continues to gain traction in facilitating larger purchases. We’ve seen strong growth in key verticals where our ability to service any transaction up to $30,000 interest-free is standing out as a key differentiator. That has driven a 32 percent increase in the number of humm customers over the last 12 months. These customers are now enjoying the newly designed user experience and shopping with us four times a year, up from once every 18 months with our legacy BNPL product.”

In the next six months, flexigroup expects transaction volume to grow between 10 percent and 15 percent for FY20. Transaction volume is being driven by ‘new product launches, new customer segments and new partnerships’.

“These initiatives, coupled with investment in the business, will increase the trajectory of volume growth as the year progresses,” James said.

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