Latitude CEO Ahmed Fahour said the acquisition of Humm will deliver profitable growth for shareholders as the combined companies push instalment payments into the solar, travel, healthcare, electronics and household furniture sectors, avoiding intense competition in buy now, pay later for small purchases.

Amid a market rout of listed BNPL stocks, Mr Fahour said the execution of binding agreements with Humm was well-timed as the retail sector reemerges after the omicron wave. He said the combined company was probably the only profitable buy now, pay later or instalment business globally. He added that the deal will allow Latitude to compete more effectively with major banks in personal loans.