The Commerce Commission has received a clearance application from Latitude Group Holdings Limited (Latitude) to acquire Humm Group Limited’s consumer finance business (Humm).
Latitude and Humm are global suppliers of consumer finance products including credit cards and instalment payment products such as “buy now, pay later” (BNPL) products which allow consumers to obtain goods and services without paying the full amount upfront.
Latitude operates in New Zealand, Australia, Singapore and Canada. In New Zealand, Latitude’s main products are instalment payment products such as Gem Visa (which is a credit card with instalment capability) and Genoapay, as well as personal loans.
Humm operates in New Zealand, Australia, Ireland, the United Kingdom and Canada. In New Zealand, Humm’s main products are credit cards such as Q Mastercard, Farmers Mastercard and Flight Centre Mastercard and instalment payment products such as humm (Little things) and humm (Big things).
Both companies are listed on the Australian Securities Exchange.
A public version of the clearance application will be available shortly on the Commission’s case register.
Background
We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
