Aussies hoping for that botox top-up but are strapped for cash will be able to purchase their desired injectables through buy-now-pay-later with humm (ASX: HUM) adding popular skin care clinics to their bulging list of merchant partners, alongside a range of health and wellness providers.
Offering BNPL services to its customers for purchases up to $30,000, the health and wellness industry is ripe for humm’s customers where basic medical procedures frequently exceed $1,000 which is the limit offered by most other providers.
This is evident in the health and wellness sector attributing 38% of humm’s FY revenue to date where the average transaction size is about $4,000. The Company has merchant partnerships across dental, audiology and skincare clinics throughout Australia.
“We entered the health market two years ago and have rapidly grown to be the largest BNPL provider in this space, delivering over $120m on an annualised basis,” said humm CEO, Rebecca James.
“One in four dental chairs in Australia is now covered by humm. This is being driven by our exclusive partnership with Centaur’s Dental4Windows software, which has integrated National Dental Plan into its leading quoting software and presents humm as the exclusive finance solution in over ten thousand treatment plans being offered every year.
“We believe that BNPL should be more than just a budgeting tool for quick retail purchases in fashion or lifestyle. The strong appetite for humm’s flexible payment terms in these segments gives us great confidence to continue expanding into other target health categories that currently have low penetration of BNPL solutions, including mobility and skincare specialists.”
Today, humm confirmed new partnerships with Maven Dental’s 106 clinics which will join more than 1,100 other dental practices where humm’s BNPL payment options cover 25% of the dental market.
Additionally, Good Price Pharmacy which operates Priceline, Pharmacy Online and Chemist Direct will also let its customers pay with humm.
Across other health services, Removery will enable Aussies to pay for tattoo removal procedures, Cosmetique will offer cosmetic injectables across its 13 national locations and Aidacare will accept payment through humm for its range of mobility scooters.
For the Half-Year ended 31 December 2020, Humm reported a 13% increase in total BNPL volumes to $13.8m and remains the only profitable BNPL operator listed on the ASX with $43.4m net profit after tax over the same period, a 25.8% year-on-year increase.