As Zip Co’s share price continues to plunge,chief executive Larry Diamond argues the buy now,pay later provider’s business will be resilient to rising inflation.
Humm’s majority directors resigned on Wednesday,less than a week after the collapse of a deal to sell the company’s consumer finance arm to Ahmed Fahour’s Latitude Financial.
The controversial deal to sell Humm’s buy now,pay later businesses to Latitude has fallen over,with both parties blaming “major disruption in financial markets”.
The buy now,pay later sector’s rising bad debts and losses have become more apparent after pandemic stimulus payments from the government ended last year,and investors are worried.
Buy now,pay later startups Klarna and Afterpay have had a good run. Now,much bigger players look like they’re gearing up to steamroll the little guys.
The former chairman of consumer finance business Humm,Andrew Abercrombie,has warned loan losses in the struggling buy now,pay later sector will worsen.
A boardroom split within the consumer finance business Humm has deepened,with former chairman Andrew Abercrombie lashing a proposed deal as ‘nothing short of highway robbery.’
NAB is late to the buy now,pay later party,but has high hopes it can turn younger Australians into lifelong customers.
“Crazy” valuations for buy now,pay later companies have plummeted. Now investors are demanding proof these cash-burning businesses can make profits.
Diane Smith-Gander says the buy now pay later group has a positive story to tell but the entire sector missed a fundamental shift in the market.
The owner of Afterpay will offer the buy now,pay later service to its “bricks and mortar” customers including butchers,restaurants and hairdressers.