Butn Limited (ASX: BTN; Butn) is pleased to announce it has entered the retail marketplace sector via a strategic partnership with leading international online retailer, MYSALE Group PLC (LON: MYSL).
MYSALE operates a group of 12 retail ecommerce websites sites in Australia, New Zealand and South-East Asia. These websites are underpinned by its proprietary marketplace technology that last financial year had a Gross Merchandise Value (GMV) of $125 million. The sites provide customers with access to outstanding brands and products at discounted prices whilst simultaneously providing brand partners with unique international inventory and sales solutions. Under the agreement, Butn will provide MYSALE and its suppliers with Butn X (factoring) and Butn Pay (B2B buy now, pay later) products, offering MYSALE’s 1000+ suppliers quicker payment options. Butn expects revenue from this partnership to be material over time, due to the size of the market opportunity and the extensive MYSALE supplier base. Rollout is expected in 1H 2022. Co-founder and Co-CEO of Butn, Rael Ross said: “The partnership with MYSALE marks our entry into the online retail marketplace sector, a significant opportunity for our business. It’s another example of our competitive advantage, embedding seamlessly into platform partners, providing efficient transactional funding and assisting businesses to meet growing demand.”
MYSALE CEO Kalman Polak added: “With the ongoing COVID-19 pandemic elevating the shift to eCommerce, the demands on our suppliers have increased significantly. By integrating Butn’s products into our marketplace, we can ensure that our suppliers are paid more efficiently. Butn’s easy to use products allow us to simplify the way our suppliers can manage the demands of payments and cashflows.”