Point of sale financing provider ThinkSmart has signed a three-year contract with electronics retailer Kogan to develop a system to provide customers the ability to organise finance for purchases online.
Perth-based Thinksmart said the agreement would see the company develop a bespoke electronic signature-enabled online rental and payment product for Kogan, which is Australia’s largest online retailer.
ThinkSmart chairman Ned Montarello said the deal was a culmination of efforts to expand its rental and payment plan point of sale product range into online rentals.
“Partnering with Kogan provides further impetus to our business and allows us to launch our e-sign enabled, paperless point of sale finance offering in Australia,” Mr Montarello said.
ThinkSmart also announced today it would increase its funding arrangement with the United Kingdom’s Secure Trust Bank to £60 million and extended its term to the second quarter of 2016.
Mr Montarello said the company’s UK division continued to display solid growth in new business volumes and profit contributions.
“This agreement secures additional funding for an extended period which is important given the strong growth trajectory of the UK business.”
At 1:20PM, WST, ThinkSmart shares were up 2 per cent, at 25 cents.