FlexiGroup is raising $140 million in fresh equity, will rebrand as "humm" and is seeking to offload its commercial leasing operation as it continues a metamorphosis into a pure buy now, pay later player.

With its shares in a trading halt after the capital raising was first reported by Street Talk, Flexi said it would invest in a rebranding to attract more customers wanting to use smartphones to buy everyday items on instalment plans and use e-commerce in the wake of the coronavirus crisis.