Douugh partners with Humm Group to launch US-based BNPL product

Douugh, a purpose-led fintech and neobank based in Sydney, has signed a partnership deal with Humm Group, a seamless interest-free payment platform, to launch a US-based buy now pay later (BNPL) product with the technology platform "Credit Jar".

Credit Jar will allow incremental payments on purchases up to $1,000. It is designed as a safety net for unexpected expenses. Douugh CEO, Andy Taylor, says: "Credit Jar is only available to people who can handle repayments as part of their everyday budget. We are treating it as a credit product. Our solution will help boost a customer's credit score when repaid on time."

As part of the partnership, Humm is investing $2.5 million into Douugh for development and marketing, part of a $12 million raise conducted by the neobank.

Humm CEO, Rebecca James, says the Douugh deal is her company's first steps into the US. "At the same time, we are demonstrating how Humm Ventures can create innovative and novel ways to take Humm's world class technology and capabilities to expand its relevance and distribution."

Douugh's agreement with Humm is still subject to regulatory approval, and an agreement with Douugh's US-based banking partner Choice Bank.