SYDNEY & NEW YORK–(BUSINESS WIRE)–Splitit (ASX:SPT), the only global payment platform that enables shoppers to pay installments via their credit cards, announces today it has raised $71.5 million dollars in a private placement and share purchase plan. The fundraise has attracted a number of top institutional investors including Woodson Capital Management, L.P.
This fundraise comes after last month’s announcement by Splitit of record Q2 growth as the company continues to drive conversion and increase Average Order Value (AOV) for e-commerce merchants. The funds will be used to accelerate sales and marketing, plus further investments in product and technology.
Splitit empowers shoppers to maximize the credit they’ve earned through responsible cash flow management. Throughout the second quarter of 2020, Splitit processed over $65 million in merchant sales volume, growing 176 percent quarter over quarter and 260 percent year over year and reported $2.4M in revenue for the second quarter, growing 460 percent year over year. As a proof point of Splitit’s accelerating adoption and brand recognition for its differentiated value proposition in the Buy Now Pay Later space, Splitit is currently used by over 1000 ecommerce merchants, and 309,000 shoppers with an Average Order Value of $893.
“Splitit has consistently been building the foundation to scale, and all indicators show that the time is now to accelerate our growth,” said Brad Paterson, CEO of Splitit. “We are excited to welcome new global institutional investors as part of this fund raise, including Woodson Capital Management, in addition to the support of our current investors.”
As the Buy Now Pay Later space continues to grow internationally, Splitit is quickly becoming the go-to player for e-commerce merchants looking to better meet the cash management needs of shoppers. “Especially now, we are pleased to offer Splitit shoppers the chance to responsibly manage their cash flow needs without incurring new debt.” Throughout the year, Splitit has announced partnerships with Visa, Mastercard and Stripe.
“We look forward to accelerating merchant and consumer adoption of Splitit in our core markets with this additional capital,” adds Paterson. “We are proud to play a part in helping businesses thrive as they better meet the needs of their shoppers.”
Splitit is the only global payment platform that enables shoppers to pay installments via their credit cards, by splitting credit card purchases into interest and fee-free monthly payments. Splitit’s consumer solutions enable merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Splitit Business Payments allows manufacturers and suppliers to provide buyers with an interest-free, installment credit solution for purchasing goods and services utilizing their existing credit cards. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to 27 countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia.