As Buy Now, Pay Later(BNPL) services continue to grow, Australian startup Gimmie, has created an innovative marketplace for bigger purchases with a simple BNPL offer.
Whilst Gimmie plans to disrupt the entire consumer finance industry with its transparent payment model, it will be particularly disruptive to the billion dollar rent-to-own space.
Gimmie can slash the total cost of bigger household purchases by up to 80%.
What is the inspiration for the Gimmie startup?
Research polling over 1,000 Australians reveals that 66% of households are looking to invest in bigger ticket household items this year, such as a new fridge, TV or computer.
33% said they couldn’t afford to pay for such items upfront, whereas 75% said they’d be interested in using a Buy Now, Pay Later service for a purchase over $1,000.
However, 78% of Australians think the fine print associated with these BNPL, Rent To Own and Interest Free services are designed to trick consumers into paying more.
39% said they paid more than they expected when using these services in 2020.
Gimmie stakeholder commentary
Scott Roworth, Gimmie co-founder and CEO said, “It’s clear Australians enjoy having flexibility when it comes to managing their money and paying for purchases over time.“
“Existing options don’t offer the best deal for consumers, especially when it comes to life’s bigger moments, like moving into a home or starting a family.”
“Typically, consumers must go from retailer to retailer, each offering different payment options, often overwhelmed with confusing T&Cs and paying a lot more than they should.”
“We saw an opportunity to be different with a simple, transparent way to pay.”
“Gimmie has products across furniture, home appliances, TVs and technology. The seamless shopping experience powered by GimmiePay, a BNPL solution lets you pay the way you earn.”
GimmiePay is free of interest, tricky terms and conditions and hidden fees.
Customers can pay the cash price within 90 days, or they can opt to pay a fixed plan price with installments over one or two years.
The launch of Gimmie has already attracted endorsement from the likes of Mark Bouris, Australian entrepreneur and Chairman of Yellow Brick Road.
Bouris said, “For many people, paying for big household items in cash isn’t possible. Gimmie is an innovative new marketplace where you can find and fund your next big life purchase. Gimmie is ridiculously simple, transparent and just plain honest.”
