Humm

Australian financial services group Humm is to close down its Kiwi buy now pay later operation on September 25. The ASX-listed company confirmed the closure ...

Humm had been planning to sell its buy now pay later business to Latitude Financial for A$335m but the companies abandoned the deal citing major disruption in the markets. Humm Group yesterday revealed a cash net profit after tax of A$51.1m and a net loss after tax of A$170.3m. Buy now pay later businesses thrived during the global pandemic as shoppers were driven online to make purchases but the high growth and high capital needs businesses have seen their share prices plummet with rising interest rates. Humm which was previously called FlexiGroup launched buy now pay later into the New Zealand market in August 2017 with a product called Oxipay. Humm Group said it was due to it re-prioritising its focus on its core strength - partnerships across its cards and point of sale business. Australian financial services group Humm is to close down its Kiwi buy now pay later operation on September 25.