FlexiGroup taps Mastercard for Bundll expansion

FlexiGroup taps Mastercard for Bundll expansion

Fintech FlexiGroup (ASX: FXL) has entered into a partnership with Mastercard to expand the distribution of its buy-now pay-later (BNPL) platform Bundll.

Already live in Australia, Bundll allows customers to shop anywhere Mastercard is accepted and manage their purchases in instalments with inbuilt budgeting services.

Under the agreement, Mastercard will work with its partners to drive adoption and will support the development of an open-loop pilot allowing Bundll to work anywhere.

Mastercard Australasia division president Richard Wormald said the five-year agreement will deliver a sustainable growth path for the platform and expand the services on offer to customers.

"While there are lots of BNPL platforms around the world, this latest development for Bundll is differentiated in the way it is able to partner with existing banking systems and provide BNPL technology and products without needing to sign up local retailers, while still generating a sustainable revenue stream," Wormald said.

"With the growth of BNPL, Mastercard understands that many issuers around the world are looking to solve for this increasing consumer preference."

The partnership is the first for FlexiGroup's Humm Ventures, an initiative designed to spearhead innovation between the company and new partners.

Humm CEO Rebecca James said the Ventures initiative will enable local and global companies to partner with FlexiGroup to utilise its products and technology offerings within their own ecosystems.

"FlexiGroup has significant technology and data expertise within its market leading product suite, and through Humm Ventures we will collaborate and partner with the world's best technology and payments companies to realise that potential," James said.

"It will significantly increase the distribution potential for our technology stack so that our products can thrive in our partners' ecosystems, without impacting on core business.

"We are excited about the opportunities that Humm Ventures will create to expand our market and the geographies in which we operate."

Shares in FlexiGroup are up 8.88 per cent to $1.17 per share at 11.11am AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Advertisement

Related Stories

Tyro EFTPOS outage will stretch into next week for some merchants

Tyro EFTPOS outage will stretch into next week for some merchants

Payments facilitator Tyro (ASX: TYR) says an outage of its EFTPOS...

Tyro EFTPOS outage sparks customer rage online

Tyro EFTPOS outage sparks customer rage online

Update 13 Jan 2021: Tyro EFTPOS outage will stretch into nex...

Rob Phillpot-backed SaaS enterprise Felix to be first ASX tech listing of 2021

Rob Phillpot-backed SaaS enterprise Felix to be first ASX tech listing of 2021

Brisbane-based software-as-a-service (SaaS) platform Felix is poi...

Harvest Technology Group to power up 'smart safety glasses' with live video streaming

Harvest Technology Group to power up 'smart safety glasses' with live video streaming

Encrypted video streaming technology developer Harvest Technology...