// Mike Ashley’s Fraser Group is embarking on a financial services push under new boss Michael Murray
// Technology developed by Tymit, a fintech startup in which Frasers has a 20% stake, will be used for online payments
Frasers Group will launch new financial services this year that allows shoppers to buy products through its own buy-now, pay-later (BNPL) scheme.
The retail group plans to lend customers up to £2,000 under its new “Frasers Plus” brand, rolled out by new chief Michael Murray.
Under the new offer, shoppers will be able to split and defer payments or take a loan through the group’s app that can be spent across its retailers, which include Sports Direct, House of Fraser, Jack Wills and more.
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Customers will be rewarded with points when shopping with the group’s new financial products with the retail giant hoping to replicate the triumph of Tesco’s Clubcard loyalty programme.
Ashley is “really excited about credit” and believes the firm’s “bottom line could be boosted”, a source told the Telegraph.
Consumer loans will be facilitated through Studio Retail, a Financial Conduct Authority regulated firm acquired out of administration by Frasers last year, whilst technology created by fintech startup Tymit, in which the retail group holds a 28% stake, will facilitate the BNPL payments.
Murray is thought to believe that Frasers Plus’ status as a regulated entity will set it apart from rival buy-now-pay-later providers such as Sweden’s Klarna.
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