ThinkSmart Limited Business Update (2159V)
November 01 2017 - 2:00AM
UK Regulatory
TIDMTSL
RNS Number : 2159V
ThinkSmart Limited
01 November 2017
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
Canaccord Genuity (Nominated
Adviser, Financial Adviser
and Joint Broker) +44 (0)20 7523 8350
Sunil Duggal
David Tyrrell
Andrew Buchanan
Richard Andrews
Peel Hunt LLP (Joint Broker) +44 (0) 20 7418 8900
Charles Batten
Guy Wiehahn
Rishi Shah
Instinctif Partners +44 (0)20 7457 2020
Giles Stewart
Lewis Hill
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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