Embedded credit software company mummy has started a financing partnership with an online roofing company Roof.
Collaboration is about Contractor Credit PROa financing solution for roofers, the companies announced in a press release on Thursday (June 1).
The tool is powered by Momnt, which helps companies provide financing to clients, and is integrated with Roofle’s platform, which allows users to get quick quotes on roofing projects, the press release said.
Homeowners will be able to get instant estimates, review bids and secure financing without having to leave their homes, the release said.
The launch occurs at a time when consumers are approaching DIY with more caution, as recent earnings reports have shown.
“The condition of the homeowner is that he is very healthy” home depot CFO Richard McPhail said last month after the retailer missed earnings expectations. “They have healthy balance sheets. You have a healthy income. But I think – and our professional clients tell us they hear this from their clients – there is this shift, albeit temporary, from bigger projects to smaller ones.”
The Home Depot pro business — the kind of people homeowners would hire to put up a new roof, say — was also down for the CEO and president ted decker noting that “timber deflation and ongoing uncertainty about underlying demand warrant a more cautious sales outlook” for the remainder of 2023.
“We saw more pressure across the company than when we released our fourth-quarter results a few months ago,” Decker said. “While there was relative strength in project-related categories such as building materials, plumbing and hardware, we had many divisions with negative sales during the quarter and continue to see pressure in a number of high-priced discretionary categories.”
Executive Vice President of Merchandising Billy Bastek cited slowdowns in discretionary categories such as patio, grills and electrical appliances, “which are likely to reflect the shift in retail purchases,” with demand also cooling in flooring, kitchen and bathroom sectors. This all points to a shift in consumers from larger to smaller projects.
A week later rival lowes also reported a slight decline sale thanks to a shift to smaller DIY projects, as DIY accounts for 75% of the company’s business.
www.pymnts.com
https://www.pymnts.com/partnerships/2023/momnt-roofle-team-finance-roofing-projects/
