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To revolutionise the way people pay.
-5% employee growth in 12 months
In 2020 Humm, previously FlexiGroup, went all in on the emerging consumer trend towards buy-now-pay-later (BNPL) financing. The sector has seen a boom recently thanks to cash-strapped post-covid consumers looking, in particular, to help finance a growing number of ecommerce purchases. Humm has applied this principle to an extensive ecosystem of financial products, including leasing and credit cards, and extending their services also to retailers and SMEs.
It’s helped Humm become a leading BNPL player across Australasia, Canada, Ireland, and the UK - and this global reach may prove critical going forwards. The BNPL bubble on Humm’s Australian home turf is beginning to burst, with an increasingly reluctant consumer market, regulatory crackdowns on the way, the combined market capitalisation of BNPL companies tumbling, and many competitors merging in order to shoulder business costs.
Analysts predict that only a few of the dozen Australian competitors will weather the storm. This could be good news for Humm, although they will still face close competition from rivals Zip and Sezzle. If Humm can shore up its international presence in more stable BNPL territories, it could stand to win a larger market share as smaller competitors fold.
Freddie
Company Specialist at Welcome to the Jungle
Rebecca James
(CEO, not Founder)A Stanford graduate who originally worked in marketing at American Express, before moving between various senior managerial roles at CX Lavender. Subsequently served as CMO at ME, and then Prospa.