Butn (ASX:BTN) has partnered with Jim's Group to launch a joint venture (JV) that will provide the Group's new franchisees with upfront funding to purchase a new franchise, according to a Thursday filing with the Australian bourse.
The JV combines Butn's digital funding expertise with Jim's Group's franchising knowledge, enabling franchisees to start their businesses without upfront capital, the filing said.
Butn will provide financing for the AU$30,000 average franchise cost, with extended payment terms, the filing added.
The funding will allow franchisees to earn from day one, and will provide extended payment terms for the franchise and setup costs, the company added.
Shares of the company rose 13% at market close.
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