ThinkSmart Signs Agreement with Kogan

ThinkSmart Signs Agreement with Kogan

  • Signs three year agreement with Kogan, Australia’s largest online retailer, to launch an e-sign enabled online rental product
  • Extends existing funding agreement with Secure Trust Bank to GBP 60 million

ThinkSmart said today it has entered into a three-year agreement with Kogan, Australia’s largest online retailer, to launch an e-sign enabled online rental product.

ThinkSmart has previously flagged its interest in expanding its rental and payment plan point of sale product range into the online retail market.

ThinkSmart Executive Chairman and CEO Ned Montarello said: “Partnering with Kogan provides further impetus to our business and allows us to launch our e-sign enabled, paperless online point of sale finance offering in Australia.”

“Kogan is a real success story and pioneer in the Australian online retail landscape. We expect the online retail market to continue to show strong growth and ThinkSmart is well positioned to capture this growth.”

Ruslan Kogan, Founder and CEO of Kogan, said: “We have been looking to bring to the market a purely online consumer finance offering which was consistent with our business strategy and values – constantly innovating to deliver additional flexibility for our customers. ThinkSmart demonstrated to us that they have the commitment and capability to help us fill this gap in the market, and we look forward to again being first to market with an innovative finance product.”

More details on the bespoke offering will be released closer to launch date.

ThinkSmart also announced it has increased its existing funding agreement with Secure Trust Bank to GBP 60 million and extended the facility term to Q2 2016. This follows the recent extension of the contractual relationship between ThinkSmart and Dixons to mid-2017. ThinkSmart expects the facility to fully cover the sales volumes from its existing retail partners through to at least December 2014.

Mr Montarello said: “The UK business continues to perform well, with good growth in both new business volumes and profit contribution. This agreement secures additional funding for an extended period which is important given the strong growth trajectory of the UK business.”

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