Australian neobank, Douugh, has signed a partnership deal with Humm Group to launch a US-based buy now pay later (BNPL) product.
Humm, formerly Flexigroup, will underpin the new product with the technology platform. Named “Credit Jar”, it will allow incremental payments on purchases up to $1,000.
Douugh CEO, Andy Taylor, says Credit Jar is designed as a safety net for unexpected expenses.
“We are treating it as a credit product,” he says. “Our solution will help boost a customer’s credit score when repaid on time.”
… Describing itself as “financial wellness platform”, Douugh offers a range of banking services… it uses machine learning to automate where it diverts funds. The automation, which can split deposits, is based on rules set up by the user.
The neobank has aimed to create differentiated “Jars” for some time. Taylor announced the firm’s intention to move into wealth management earlier this year.