Flexigroup Limited (ASX: FXL) has created a buzz on the ASX today, rebranding itself to Humm Group Limited (ASX: HUM).
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Buy now, pay later (BNPL) player Flexigroup Limited (ASX: FXL) has rebranded today, officially changing the company name and ASX ticker to Humm Group Limited (ASX: HUM), effective immediately.
Today’s move follows shareholder approval two weeks ago after the company first announced its intention to rebrand back in August. At the time of writing, the Humm share price is trading higher at $1.30.
Why did the company rebrand?
The rationale for the rebrand was the growing status and brand recognition of the company’s Humm product. This has become synonymous with digital, interest-free finance for more than 2.2 million customers across Australia, New Zealand and Ireland.
Humm says the rebrand also resulted from a successful simplification initiative, where the company reduced its 23 products to four. Since starting the restructure, the company has launched Humm; Bundll, its BNPL product; and most recently Humm90, its long term interest free product.
Today’s rebranding also follows overwhelming support from shareholders at the annual general meeting on 19 November, where 99.69% of votes cast were in favour of the company name change.
Humm chief executive Rebecca James, said:
Today marks another big milestone for the business as we rebrand to our most recognised and loved brand, Humm.
Our mission is to revolutionise the way people buy. With a single platform serving everybody from Generation Z and millennial spenders through to young families, Humm finances everything from life’s little luxuries through to significant purchases.
We’re excited about the growth opportunities ahead of us as we leverage the strong Humm brand into new products, new verticals and new markets in the years ahead.
Quick take on Humm
Humm is a diversified financial services group. It provides a range of digital finance products to consumers and businesses through a large partner network of more than 18,000 retailers.
The buy now, pay later company currently services 2.2 million customers in Australia, New Zealand, and Ireland. In Australia, the company offers terms of up to $30,000.
In September, the then Flexigroup advised the market it has launched its Humm product in New Zealand, following the success of its BNPL brand Oxipay. Through Humm, the company says it is the first BNPL company to offer terms of up to NZ$10,000 in New Zealand.
About the Humm share price in 2020
The Humm share price has lost almost 30% this year. It began the year at $1.79, its 52-week high. At the current share price today, the company commands a market value of $631 million.
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Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has recommended FlexiGroup Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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