Humm Group Launches Product For SMEs
ASX-listed Humm Group Ltd recently launched an Australian-first ‘Business Now Pay Later’ (BuNPL) product, hummpro, to support small to medium business (SMEs) owners.
The product launched last month is designed to meet SME’s flexible cash flow needs as they invest and grow with trading conditions returning to pre-pandemic levels.
hummpro is specifically developed for SMEs in Australia and New Zealand, following the company’s research which revealed that businesses on both sides of the Tasman were dissatisfied with their traditional credit card and overdraft solutions.
hummpro is available for all SMEs who want to track their cash flow effortlessly – from incidental spending to larger costs – all in one place.
The good news is that customers can be approved within minutes and be spending seconds later.
hummpro can be used anywhere Mastercard is accepted be it online, in-store, and to pay supplier invoices.
This is a clear differentiator to other BuNPL products that require suppliers to be onboarded and integrated into their network to accept payments.
“hummpro is built for business. We’ve built a product that removes the hoops that small to medium business owners normally have to jump through to access finance solutions. 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,” said Humm Group CEO Rebecca James in a statement.
“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,” she added.
The Humm Group will leverage its considerable experience with responsible credit decisions in its commercial business and building customer-centric experiences in the consumer space as it develops new growth opportunities with this product.
All SME business structures across the Tasman which includes sole traders, companies, partnerships, trusts – can use hummpro.