Manx Financial Group Plc has agreed a partnership that will see its wholly owned subsidiary, Payment Assist Limited, integrate its Buy Now, Pay Later products into the Spense platform.
The arrangement is with Norwegian automotive payment technology business Spense. Payment Assist’s BNPL products will be embedded within Spense’s payment software, placing them at the point of payment in franchised dealerships.
UK launch and dealership reach
Spense integrates its payment software across franchised dealer groups and vehicle manufacturers including JLR, Audi, Porsche, Cupra and Skoda. It is due to launch in the UK in 2027.
At present, Spense operates in Norway, Denmark, Sweden, Belgium, the Netherlands and Lithuania. It also partners with dealer management system providers including Incadea and Keyloop, which serves Germany, Luxembourg and France.
Manx Financial said the agreement gives Payment Assist another potential route into Europe through Spense’s existing footprint, in line with Payment Assist’s strategy.
Management view
Douglas Grant, Group CEO of Manx Financial Group Plc, said the agreement is strategic for the group on two fronts.
He said Spense had chosen Payment Assist as the BNPL provider within its platform, placing its products at the point of payment in franchised dealerships across the UK. He added that it also gives Payment Assist another potential route into Europe through a partner already working with leading manufacturers and dealer networks across the continent.
Grant described the deal as “a disciplined way to grow our existing business lines and to build long-term value for shareholders.”
Manx Financial Group described itself as providing diversified financial services to the Isle of Man and the United Kingdom.
