Openpay, the UK’s latest next-generation, interest-free payment solution, has today announced its newest signing The Hut Group (THG), the Manchester-based global e-commerce technology group and brand owner. The deal marks the latest growth phase for Openpay, the Australian fintech, which entered the UK market in 2019. The partnership will leverage THG’s large portfolio of prestigious brands including Myprotein and Lookfantastic.
THG operates more than 200 localised websites through its Ingenuity platform retailing goods in 169 countries. In the year to 31 December 2019, the Group grew total sales by 24% to £1.14bn. THG Ingenuity is THG’s proprietary, end-to-end technology and operating platform that has enabled the group to successfully build and scale its own global, direct to consumer brands and a growing portfolio of brands for international consumer goods groups and retailers including Nestlé, Procter & Gamble, PZ Cussons Beauty, Johnson & Johnson and Nintendo.
The partnership affords thousands of THG’s customers the opportunity to benefit from Openpay’s flexible interest-free, and easy to use ‘Buy now. Pay smarter.’ payment plans. UK customers can select plan lengths of between one and six months allowing them to spread the cost of their purchase to suit their needs whilst paying no interest. Customers are required to make an initial down-payment at the point of purchase, encouraging responsible spending and minimising returns.
Andy Harding, UK Managing Director of Openpay, said: “THG is an international giant, and this deal signals how quickly we are growing both in the UK, and globally. The quality of high-end beauty, lifestyle, and nutrition products available from THG is rivalled by few and we’re excited to announce this partnership as part of our future vision for the company.”
Matthew Moulding, Founder and Chief Executive Officer of THG, said:“The agreement with Openpay will add further payment capabilities to our end-to-end ecommerce platform Ingenuity, and deliver additional payment opportunities for the benefit of our consumers.”
Openpay launched in the UK in early 2019, following a record period of growth in Australia. The company is set announce even more retail partners in the coming months.