Finance company FlexiGroup has declared the reorganisation of its buy now pay later products under the humm brand a success, reporting that it has added 380,000 new customers over the past 11 months.

In an update released yesterday, the company said interest-free instalment customer numbers now stand at 2.1 million in Australia and New Zealand.

It said its growth in customer numbers and transaction volumes has been driven by the success of the humm rebranding and its partnership with Mastercard.

Online sales volumes for humm grew 103 per cent in the December half-year and 232 per cent in the five months to May.

FlexiGroup chief executive Rebecca James said the most significant change in the business was the number of times customers are using its payment services – now nine times a year.

humm was launched in May last year, after FlexiGroup consolidated its Certegy EziPay and OxiPay businesses, which had been in the market for many years.

humm’s main difference from BNPL rivals such as Afterpay is that consumers can use it to make purchases up to $30,000.

Transaction volumes increased, despite the introduction of tighter spending limits in March. The company reintroduced first instalment payments upfront for all BNPL purchases, raised credit cut-off scores and increased income and serviceability thresholds.

It did not provide any update on arrears or losses.