Earlier this spring, fintech company Humla announced it was developing financial services for the retail of the future. The company has now launched a payment card that rewards “financially responsible behavior.” The launch includes partnerships with some of the country’s largest chains, including Kicks, Pressbyrån and Apohem, among others.
New payment providers have captured an increasing share of the customer experience in retail, generating richer data insights about customer transactions. By leveraging these insights, payment platforms have been able to understand and build direct relationships with end customers in ways retailers themselves often have not.
Humla was founded on this observation. The Humla card gives retailers access to a new, data-driven marketing platform that provides a 360-degree view of the customer, enabling direct interaction and loyalty rewards. In this way, retailers gain better tools to build long-term customer relationships.
Partnerships with some of Sweden’s largest retail chains
To offer attractive rewards, Humla partners with some of Sweden’s leading retailers, both inside and outside the Axel Johnson group. While retail partners supply the rewards, the Humla card strengthens brand loyalty and drives incremental sales. Humla’s partners gain more opportunities to engage with customers between purchases and to promote their brands. These collaborations also create a unique opportunity for Humla to develop further innovative solutions that will continue to strengthen retail for its partners over time.
“We want to build outstanding consumer financial products that enhance the customer experience and support our retail partners. With the Humla card, we enable retailers to reap the benefits of offering financial services to their customers — such as access to new data insights, personalized marketing and loyalty tools — without the complexity of doing it alone. For customers, this means better control over personal finances while gaining access to benefits that until now have largely been available only to credit card users,” says Emil Berg Eckerrot, CEO of Humla.
Aiming to reshape the industry — rewarding financially responsible behavior
Humla believes that debit-linked loyalty programs have the potential to transform the industry. Debit cards account for 84% of card purchases in Sweden, yet they offer relatively few benefits to users. Credit cards tend to provide loyalty and incentive programs, but these often come with high costs and increased credit exposure, which can encourage overconsumption and reduce control over personal finances. Humla rewards financially responsible behavior and also gives users the option to donate their rewards to impact initiatives that address critical social issues such as integration, mental health and humanitarian aid.