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

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

Savings Account (Amounts < $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
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest

Save Account

  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$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

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

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

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

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

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

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

                    ANZ Save

                      050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Young Saver Account

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

                        Save up

                          02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver (<$1 Million)

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

                            Smart Saver Account (Under 25)

                              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 June 24, 2024. View disclaimer.

                              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."