Consumer finance business Latitude Financial Services has added Auckland-based fintech company Genoapay to its portfolio alongside Gem Visa and other products. Genoapay provides a no interest payment instalment service, allowing shoppers to pay off purchases totalling up to $1,000 over 10 weeks.
Genoapay has been in the market since August 2016. Its retail partners currently include independent retailers from around New Zealand such as Koru Florist and Home in Waihi, plus Visique.
Greg White, managing director NZ at Latitude, says:
“Consumers and merchants are looking for more options and flexibility on ways to pay at point of sale and adding a no interest instalment product like Genoapay to our stable of payment options, which range from credit cards to personal loans is an exciting move for both our businesses, and one that we know will be welcomed by partners and consumers alike.”
Genoapay chief executive Shaun Quincey will continue to lead the business, and says he’s looking forward to working with Latitude.
“Latitude Financial Services is one of the largest providers of sales finance, credit cards and personal loans in the New Zealand market, with significant and long-standing relationships with many of New Zealand’s leading retailers and we’re pleased to be able to bring our product and start-up mentality to the business. We believe this move will position us both well to grow the market.”