Hut Group partners Openpay for buy now pay later

The Hut Group has partnered with Openpay to offer customers flexible payments options.

Under the terms of the deal, online brands owned by the e-commerce technology group will be able to select plan lengths of between one and six months, allowing customers to spread the cost of their purchase on an interest-free basis.

Customers are required to make an initial down-payment at the point of purchase, encouraging responsible spending and minimising returns.

The UK-based Hut Group owns more than 200 online health, lifestyle and beauty brands - including Myprotein and Lookfantastic - which retail to 169 countries with total sales of £1.14 billion in the year to 31 December 2019.

The tie up with Openpay, an Australian FinTech which entered the UK market in 2019, is the latest move by online retailers to compete with e-commerce giants in offering buy now pay later options.

Openpay’s technology will be integrated with THG Ingenuity, the Hut Group’s proprietary, end-to-end technology and operating platform that has enabled the group to build its own global, direct to consumer brands.

Matthew Moulding, founder and chief executive of the Hut Group, 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.”

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