The company released its results for the 2020 financial year, revealing its two buy-now, pay-later (BNPL) ventures, humm and bundll, had seen strong growth. 

humm increased its customer base by 37% to 2.1 million customers, up from 1.5 million in the 2019 financial year, saw a 172% increase in online sales, and increased its transaction volume by 18% to $2.1 billion. 

humm is the third-largest BNPL provider in Australia behind Afterpay and Zip, boasting 17.5% of the market share, and saw 756,000 transactions made in the 2020 financial year, up 65% compared to the previous year. 

FlexiGroup chief executive Rebecca James said the COVID-19 pandemic had launched humm to new heights. 

"humm online sales are up 172% during the year as consumers are becoming increasingly comfortable in making larger purchases online," Ms James said.

"This trend has only been amplified by the structural changes seen as COVID-19 accelerates the shift to online shopping.

"As the only BNPL product that can process eCommerce transactions up to $10,000, humm is well placed to capture this growing customer base of online shoppers."

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Macquarie Savings Account (<$250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account (<$100k)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver

      01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Virgin Money Boost Saver

        01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Bonus Saver Account

          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver

            0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            mySaver

              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Simple Saver

                4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Netsave Account

                  3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Online Savings Account

                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    HSBC Everyday Savings Account

                      0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Incentive Saver Account

                        4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Bankwest Easy Saver

                          0502$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver

                            0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Incentive Saver Account

                              Important Information and Comparison Rate Warning

                              All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of October 6, 2024. View disclaimer.

                              Important Information and Comparison Rate Warning

                              Launched in May 2019, humm allows for consumers to purchase items interest-free up to $30,000, to be repaid over a period of time dependent on the size of the purchase, with fees also dependent on the purchase size and repayment period. 

                              bundll meanwhile, marketed as 'the debit card on steroids', saw a 64% increase in volumes from Q3 2020 to Q4, with 1,500 customers joining the platform each week. 

                              It saw 31% of its transactions made online and 11 transactions made per month by its top 30% of customers. 

                              Ms James said bundll had been hugely successful since its launch earlier in the year.

                              "In February, bundll was launched as a world-first BNPL product that can truly be used everywhere," she said.

                              "Using the Mastercard network, bundll customers can shop wherever they like, online and in-store, interest-free, with no minimum spend and use a number of features to ‘snooze’ payments or convert them to interest-free instalments."

                              bundll allows customers to bundle all of their purchases together into a single bill, which they can then pay off in instalments. 

                              As a whole, FlexiGroup posted volume growth of 17% across all products and a cash profit of $29.2 million, which Ms James said would have been higher if not for a provision measure of $30.9 million due to COVID-19. 

                              "Before the impacts of COVID-19 were felt by the Company and the economy as a whole, flexigroup’s 1H20 results were showing strong signs of growth, reflecting the benefits of a product portfolio diversified by design.

                              "While Full Year Cash NPAT was lower than FY19, this is largely attributable to the forward looking provision relating to the projected impact of economic conditions due to COVID-19."