Not to be confused with BNPL, hummgroup (ASX: HUM) have now launched their Business Now Pay Later ‘BuNPL’ product hummpro, a new cash flow offering designed for small to medium businesses (SME’s) allowing them to access up to $30,000 as they invest and grow with trading conditions during the pandemic recovery phase.
hummpro allows business owners to track their cash flow and spending all in one place, with the company boasting a fast and easy signup process.
Unlike other BuNPL products, suppliers do not have to be individually onboarded and integrated to accept payments, rather it is accepted universally at every supplier that allows Mastercard payments.
The new offering will allow the Company to tap into the $30 billion business credit card and line of credit market and is available for all business structures in Australia and New Zealand, including Sole Traders, Companies, Partnerships, and Trusts.
“hummpro is absolutely built for business. Our research shows that SMEs across Australia and New Zealand are dissatisfied with their traditional credit card and overdraft solutions, so we’ve built a product that removes the hoops they normally have to jump through to access finance,” said hummgroup CEO Rebecca James.
“With our quick approval and spend process, and our pay, pause and plan features, we’re providing small business owners with the ultimate control to manage their cash flow.
“Close to three million SMEs contribute substantially to GDP across Australia and New Zealand; as the economy starts to rebuild – due in no small part to this critical sector – we see hummpro as the perfect option, providing quick and flexible access to capital to help small business owners invest in a stable future.”
hummgroup provided a strong trading update on the 29th of January, with the Company expecting to report (unaudited) 1H21 NPAT of $43.5m (up 25.8% on pcp), with customer growth of 40.4% to 2.6 million humm users.
The trading update was well received by the market, rising from $1.15 on the 28th of January to now be trading at $1.29, a rise of 12%.
Conor Murphy is the Marketing Coordinator at TradersCircle
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