Australian Buy Now Pay Later firm wades into UK market
Australian Buy Now Pay Later (BNPL) firm humm has waded into the UK’s alternative credit market ahead of Black Friday and Christmas sales.
It means Brits will be able to borrow between £1 and £3,000 across 12 months with zero interest.
The Australian-listed firm offers consumers the ability to pay in five or 12 instalments for purchases.
BNPL options have been on the rise in the UK over the past few years, with large retailers offering the services from the likes of Klarna at online checkouts.
Though the new, lucrative, sector has a regulatory crackdown looming, after the Treasury launched a consultation on the policy options for the market last month.
“Our vision is to partner with our customers from small purchases, all the way through to the big-ticket essential life purchases such as home and garden renovations,” UK CEO PJ Byrne said, who is already bracing for the incoming regulatory overhaul, said in a statement.
“With the UK credit market due to see a number of changes in the coming months, this is an exciting time for consumers who are looking for fresh alternatives to the products currently on offer.”