The problem was Hum was stuck with all that legacy business lending I.e they used to lend like $200k to business and some customers went belly up and they lost money. So during the bnpl boom they had no money to expand.
I think what really hurt Hum is that its credit card and lending business which is its core strength dropped 43%. Then they are losing money on bnpl which is been chewed out by the big players like z1p and Apt. Also they are late in expanding overseas.
Ann: HUM 1H21 Interim Financial Statements, page-17
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