Manx Financial Group PLC (AIM: MFX), the Isle of Man and UK-based diversified financial services group, has announced that its wholly owned subsidiary Payment Assist Limited has signed contracts with Norwegian automotive payment technology business Spense. Under the agreement, Payment Assist's Buy Now, Pay Later (BNPL) products will be integrated directly into the Spense platform ahead of Spense's planned UK launch in 2027. The deal positions Payment Assist at the point of payment within franchised dealerships and opens a potential route into European markets through Spense's existing continental footprint.

Key Points

  • Manx Financial Group PLC (AIM: MFX) is a diversified banking and financial services group holding Isle of Man and UK banking licences
  • Wholly owned subsidiary Payment Assist Limited has signed contracts with Spense to integrate its BNPL products into the Spense automotive payment platform
  • Spense is set to launch in the UK in 2027 and currently operates in Norway, Denmark, Sweden, Belgium, the Netherlands and Lithuania
  • Investors may be watching for further detail on revenue contribution and progress towards Payment Assist's European expansion strategy

Payment Assist BNPL Products Embedded in Spense's Franchised Dealer Platform

The agreement embeds Payment Assist's BNPL offering at the point of payment within franchised dealerships that use the Spense platform. Spense works with vehicle manufacturers including JLR, Audi, Porsche, Cupra and Skoda, and also partners with dealer management system providers including Incadea and Keyloop, the latter of which serves markets including Germany, Luxembourg and France. The arrangement places Payment Assist's products directly in the customer payment journey within some of Europe's most prominent automotive retail networks, the announcement states.

Spense's UK Launch in 2027 Extends Payment Assist's Distribution Reach

Spense is currently active across six European countries and is scheduled to launch in the United Kingdom in 2027. By contracting with Spense ahead of that launch, Payment Assist secures early positioning within the platform as it enters the UK market. The announcement describes this as giving Payment Assist another potential route into Europe through Spense's existing footprint, consistent with Payment Assist's stated growth strategy. The financial terms of the contract were not disclosed in the announcement, and the company did not disclose the anticipated revenue contribution from this arrangement.

Group CEO Douglas Grant Highlights Twin Strategic Benefits for MFX Shareholders

Group CEO Douglas Grant commented that the agreement is strategic on two fronts: Spense has selected Payment Assist as its BNPL provider within the platform, and the partnership offers a disciplined route to grow existing business lines while building long-term shareholder value. Grant's remarks, included in the announcement, emphasise that the deal leverages a partner already embedded with leading manufacturers and dealer networks across the continent, rather than requiring Payment Assist to establish those relationships independently.

MFX's SME-Focused Model and Subsidiary Structure Underpin the Partnership

Manx Financial Group holds both Isle of Man and UK banking licences and operates a portfolio of entrepreneurial subsidiaries grouped under Manx Ventures Limited, with a focus on SME lending and flexible funding solutions. Payment Assist, as a wholly owned subsidiary, sits within this structure. The Spense partnership represents an extension of Payment Assist's existing BNPL proposition into automotive retail, a sector where embedded finance at the dealership level is an increasingly competitive space. Investors may be watching for further operational updates as Spense's UK launch date approaches in 2027.