1 Nov 2017 07:00
1 November 2017
ThinkSmart Limited
("ThinkSmart" or the "Company" and together with its subsidiaries the "Group")
Business Update
ThinkSmart Limited (AIM: TSL), a leading provider in the UK of retail point-of-sale finance for businesses and consumers, makes the following business update.
Significant progress on the execution of our new business growth and diversification strategy continues with the national launch of 'Flexible Leasing', a new innovative mobile phone proposition with Carphone Warehouse, together with the release of 'ClearPay' a new digital payment solution for retail consumers.
These new products were foreshadowed at our year end results in September and are designed to widen distribution and underpin our customer diversification strategy.
The national launch of 'Flexible Leasing' in September, a new mobile phone consumer proposition, deepens our relationship with our longstanding commercial partner, Dixons Carphone and leverages ThinkSmart's proprietary technology platform 'SmartCheck.'
It is aligned to the introduction cycle of the latest premium brands handsets and models and allows end customers who do not want to wait until their contract ends to upgrade to the latest handset after 12 months, at a time of their choosing.
Early signs of adoption and uptake are encouraging. We expect this proposition to be a significant contributor to our volume and active customer base growth.
'ClearPay' is a first to market, new and innovative consumer credit proposition designed to fill a gap in the consumer credit market. The product is targeted at 'Millennial Consumers' who were identified as being underserved in point of sale finance, following an extensive independent end customer market research study.
'ClearPay' enables consumers to spread the cost of transactions below four hundred and fifty pounds into three equal interest free payments, where the first payment is made at the time of purchase followed by two following monthly payments.
This new proposition leverages ThinkSmart's proprietary technology platform 'SmartCheck' and broadens its customer product portfolio with the potential to significantly widen its customer base. The product can be found at www.clearpay.co.uk.
ThinkSmart is currently accepting retailer registration for an initial release. Retailers can leverage this new digital payment solution now, where early adoption could provide them with market advantage and sales leadership.
Ned Montarello, Executive Chairman, commented:
"I am delighted with these new product launches. The ongoing investment in our proprietary IP SmartCheck is now being realised with the introduction of new capabilities and propositions which provide advantage for our retailer partners, helping them to adapt and continue to meet the needs of their customers in rapidly changing markets. These exciting new capabilities enable ThinkSmart to execute against the strategic plan we laid out almost 12 months ago when we joined the AIM stock market of the London Stock Exchange to diversify by broadening our product offering and widening our customer portfolio."
Gerald Grimes, CEO, commented:
"By creating propositions that meet real customer needs and leveraging the true potential of the company's core IP SmartCheck, ThinkSmart can enable operators in key retail markets to gain market advantage and sales leadership through improved conversion rates, higher transaction values and customer stickiness.
The launch of our credit product, ClearPay, and the encouraging take-up of our smartphone leasing product for Dixons Carphone gives a new and exciting outlook for the business."
For further information please contact:
ThinkSmart Limited | Via Instinctif Partners |
Ned Montarello |
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Canaccord Genuity (Nominated Adviser, Financial Adviser and Joint Broker) | +44 (0)20 7523 8350
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Sunil Duggal David Tyrrell Andrew Buchanan Richard Andrews |
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Peel Hunt LLP (Joint Broker) | +44 (0) 20 7418 8900 |
Charles Batten Guy Wiehahn Rishi Shah |
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Instinctif Partners | +44 (0)20 7457 2020 |
Giles Stewart Lewis Hill |
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Notes to Editors
About ThinkSmart Limited
ThinkSmart Limited is a leading provider in the UK of retail point-of-sale finance for businesses and consumers. The Group provides both B2B and B2C point-of-sale finance, primarily through its longstanding relationship with Dixons Retail and with Carphone Warehouse. The Group's product offering is underpinned by a proprietary, innovative and scalable technology platform, SmartCheck. Since it commenced operations in the UK in 2003, the Group has processed in excess of 350,000 individual applications.