Catch Group has launched a new website, but instead of offering steeply discounted apparel, dishwashing tablets and other household items, the new site offers competitively priced personal loans intended to help customers “fund their everyday lives”.
Catch has partnered with debt consolidation company, Now Finance, to provide the loans and is offering up to $750 cash back and a free annual Club Catch membership, valued at $69, to customers who take out a loan.
The move comes after Catch Group launched Catch Connect, a mobile phone offering, in February as part of a burgeoning diversification strategy.
“What we’ve built is a strong brand that stands for good value – great deals on high-quality products,” Catch Group CEO Nati Harpaz told IR.
“Any product that you consume and is an essential service, we want to get into,” he said.
Harpaz said that Catch Group plans to use its customer data to target shoppers who might be interested in taking out a personal loan. Those who are renovating their home or taking a big holiday, for instance.
He emphasised that Now Finance is not a payday lender and enjoys a good reputation in the industry.
“They don’t encourage people to spend money they don’t have…they have strict lending criteria,” he said.
Online retail rival Kogan.com has expanded into a wide range of non-retail categories in recent years, including telecommunications, insurance and most recently home loans.
On Monday, Kogan announced that it has partnered with Citi on a Kogan-branded credit card.
Catch CEO Nati Harpaz is a co-founder of Octomedia, publisher of Inside Retail.