Gem Finance

What Gem Finance does

Gem Finance is a New Zealand consumer finance brand operating under Latitude Financial Services Limited, headquartered in Auckland. The company provides credit cards (Gem Visa, Gem CreditLine, and Gem Essential), personal loans (secured and unsecured, fixed and variable rate), car loans, and debt consolidation loans to New Zealand permanent residents. Revenue is generated through interest on revolving credit balances (prevailing rates of 29.49-29.95% p.a.), annual and establishment fees on credit cards, interest on personal loans at rates ranging from 8.99% to 29.99% p.a., and merchant-funded interest-free promotional periods at participating retailers.

The underlying technology is a digital-first lending platform comprising a self-service online application portal, the Latitude App (rated 4.8/5 on the App Store) for mobile account management, financial calculators for customer self-service, and a dedicated broker portal for intermediary loan submissions. Digital wallet integrations with Apple Pay, Google Pay, and Garmin Pay support contactless payments. The company has been serving New Zealand customers under the Gem brand with heritage spanning over 100 years through its parent company, though Genoapay, a previously offered buy-now-pay-later service, was closed in April 2023.

Gem Finance distributes through three GTM motions: direct-to-consumer digital sales with 60-second application decisions and instant cardless payment capability, an accredited broker network for personal loans via a dedicated broker portal, and retail partnerships offering interest-free payment plans at point of sale. Customer segments include individual consumers seeking personal finance for vehicles, renovations, debt consolidation, weddings, travel, and everyday purchases, alongside finance brokers and retail partners as B2B distribution channels. The company is led by CEO Bob Belan and maintains IFSO membership under Latitude Innovation Holdings Limited (FSP646749) for regulatory compliance.

Name

Gem Finance

Legal name

Latitude Financial Services Limited

Website

https://gemfinance.co.nz

Company type

Private

Operating status

Operating

Short description

Gem Finance is a New Zealand consumer finance brand under Latitude Financial Services offering credit cards, personal loans, car loans, and debt consolidation to individual consumers through digital, broker, and retail distribution channels.

Ownership category

akta.pro rank

Product category

Consumer Lending

NAICS

Credit Card Issuing (52221), Sales Financing (52222), Credit Intermediation and Related Activities (522)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Direct Lending — Specialty Finance (Consumer/SME Lending Platforms) (FSAHAJAF)

Keywords

• Consumer lending
• Credit cards
• Personal loans
• Retail finance
• Debt consolidation

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Credit Card Interest: Interest revenue on outstanding credit card balances after promotional/interest-free periods expire. Prevailing rate of 29.49% p.a. for Gem Visa.
2. Annual/Membership Fees: Annual fees charged for credit card membership: $65 for Gem Visa ($32.50 half-yearly), $65 for Gem CreditLine ($32.50 half-yearly)
3. Establishment Fees: One-time establishment fees for new credit accounts: $55 for Gem Visa
4. Personal Loan Interest: Interest revenue on personal loans with rates ranging from 8.99% to 29.99% p.a. depending on secured/unsecured and credit profile
5. Interest-Free Promotional Finance: Merchant-funded interest-free periods at participating retailers, generating interchange revenue on promotional transactions

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Gem Finance, operating as Gem by Latitude, provides consumer finance products to New Zealand residents, including three credit card variants (Gem Visa, Gem CreditLine, Gem Essential) with interest-free promotional periods and revolving credit, as well as fixed and variable rate personal loans for car purchases, debt consolidation, and lifestyle needs. The company distributes directly through an online portal and mobile app, via accredited finance brokers, and through hundreds of participating retailers offering interest-free in-store financing.

Product overview

Gem Finance, operating as Gem by Latitude, is a consumer finance company offering a portfolio of credit and lending products. The core products include three credit card variants (Gem Visa, Gem CreditLine, and Gem Essential) providing interest-free promotional financing and standard credit facilities, alongside a comprehensive personal loan platform covering car loans and debt consolidation with both fixed and variable rate options. These products are supported by the Latitude App for mobile account management, calculator tools for financial planning, a broker portal for intermediary distribution, and customer support services including Hardship Care for those experiencing financial difficulty. The company operates exclusively in New Zealand under Latitude Financial Services Limited.

Differentiator

Problem solved

Functional benefit

Products and services

• Gem Visa Gem Visa is a credit card offering interest-free promotional payment plans at participating retailers, balance transfer options, and standard revolving credit facilities for New Zealand consumers. It carries a prevailing interest rate of 29.49% p.a., $55 establishment fee, $65 annual fee, and 0% interest for 6 months on purchases of $250 or more.
• Gem CreditLine Gem CreditLine is a credit card product offering revolving credit facilities for New Zealand consumers with a 29.95% p.a. prevailing interest rate and a $65 annual fee charged at $32.50 half-yearly. It includes a cash advance fee of $6.
• Gem Essential Gem Essential is a credit card product positioned as a basic, lower-fee offering compared to Gem Visa and Gem CreditLine for New Zealand consumers seeking straightforward credit facilities.
• Gem Personal Loans Gem Personal Loans provide fixed or variable rate consumer loans for New Zealand residents with loan amounts from $2,000 and terms up to 7 years. Secured loans range from 8.99% to 28.99% p.a., unsecured from 9.99% to 29.99% p.a., with $0 establishment fees and no early repayment fees. Repayments can be weekly, fortnightly, or monthly, with a redraw facility available on variable rate loans.
• Gem Car Loans Gem Car Loans are specialized vehicle financing loans provided through the Gem Personal Loan platform, allowing New Zealand customers to finance car purchases at secured personal loan rates from 8.99% p.a. with flexible repayment options and no early repayment fees.
• Debt Consolidation Loans Debt Consolidation Loans from Gem Finance allow New Zealand consumers to combine multiple existing debts into a single personal loan with one repayment schedule, offered as part of the Gem Personal Loan product range.
• Balance Transfer Balance Transfer is a promotional feature for Gem Visa cardholders offering 6.99% p.a. for 6 months on balances transferred from non-Latitude credit cards, with a minimum transfer of $500 and up to 85% of the credit limit eligible.
• Latitude App The Latitude App is a mobile application for iOS and Android that allows Gem Finance customers to manage credit cards and loans, including balance viewing, transaction history, payments, card management, account settings, and eStatements. It carries a 4.8/5 App Store rating.
• Broker Portal The Broker Portal is an online platform for accredited finance brokers to estimate client interest rates, submit personal loan applications, and manage their client relationships with Gem Finance, supported by local underwriting and settlement teams.

Quantifiable outcome

• 60-second application decision time for credit cards
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and supporting.

• Apple PaycoreTechnology or IntegrationDigital wallet integration allowing Gem Visa cardholders to make contactless payments using Apple devices (iPhone, Apple Watch, iPad, Mac with Touch ID)
• Google PaycoreTechnology or IntegrationDigital wallet integration enabling Gem Visa contactless payments on compatible Android devices with NFC technology
• Garmin PaycoreTechnology or IntegrationDigital wallet integration for Garmin Vivoactive 3 and compatible devices allowing contactless payments via smartwatch
• Hallmark InsurancesupportingStrategic or Co-development PartnerConsumer credit insurance partner providing payment protection for Gem credit card holders in case of sickness, injury, or job loss. Contact: 0800 220 999 or [email protected]
• Participating RetailerscoreChannel Partner/ Reseller/ DistributorHundreds of retail partners offering Gem Visa interest-free payment plans for purchases at online and physical store locations

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Direct peers

• Humm Group: Australia/NZ retail finance provider offering interest-free instalment plans and personal loans at point-of-sale. Direct competitor in interest-free retail financing (BNPL-adjacent) and personal lending, with similar merchant-funded revenue model and customer segments.
• Avanti Finance: NZ consumer credit provider offering personal loans, debt consolidation, and asset finance. Direct competitor in the NZ non-bank consumer credit space with similar product breadth and target customer segments.
• Finance Now (Heartland Group): NZ consumer finance provider (subsidiary of ASX-listed Heartland Group) offering personal loans, vehicle finance, and retail credit to New Zealand consumers. Direct competitor with overlapping personal loan and credit products distributed via broker and direct channels.
• Harmoney: New Zealand consumer lending marketplace offering personal loans to individuals for similar use cases (debt consolidation, home improvements, vehicles). Direct competitor to Gem Finance's personal loan product with comparable rate ranges and risk-based underwriting.

Emerging players

• Laybuy Group: New Zealand-founded buy-now-pay-later operator offering interest-free instalment payments at retail point-of-sale. Competes with Gem Finance's interest-free retail financing by addressing similar consumer credit needs through an alternative product structure.
• Zip Co: ASX-listed global BNPL and consumer credit provider with NZ operations offering interest-free instalment payments and revolving credit. Competes with Gem Finance's interest-free retail finance and balance transfer products using digital-first distribution and similar customer acquisition tactics.
• PartPay (Openpay): BNPL/retail credit provider operating in Australia and New Zealand offering interest-free payment plans at participating merchants. Competes with Gem Visa's interest-free retail financing through merchant-funded instalment products targeting similar retailer and consumer segments.

Broad incumbents

• Latitude Financial Services: Parent company of Gem Finance, operating consumer finance brands across AU and NZ including personal loans, credit cards, and retail finance. While Gem is a subsidiary, Latitude is the broader group benchmark and competes with the same product categories at a group level across 1.8M+ customers.
• ANZ Bank New Zealand: One of New Zealand's largest retail banks offering credit cards, personal loans, and overdraft facilities. Broad incumbent competing across all of Gem Finance's product categories with larger balance sheet scale but slower digital experience.
• Co-operative Bank New Zealand: NZ retail bank providing credit cards, personal loans, and consumer finance products. Broad incumbent competitor with bank-grade infrastructure competing for similar personal loan and credit card customers across New Zealand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gem Finance