- Splitit (ASX:SPT) — a global payment platform that enables shoppers to pay installments via their credit cards — announced that it has raised $71.5 million through a private placement and share purchase plan (SPP)
Splitit (ASX:SPT) — a global payment platform that enables shoppers to pay installments via their credit cards — announced that it has raised $71.5 million through a private placement and share purchase plan (SPP). The fundraising attracted several top institutional investors including Woodson Capital Management, L.P.
This funding 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. And the funds will be used to accelerate sales and marketing, plus further investments in product and technology.
Splitit is empowering consumers to maximize the credit they have earned through responsible cash flow management. And 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.
Throughout the second quarter of 2020, Splitit processed over $65 million in merchant sales volume, growing 176% quarter over quarter and 260% year over year and reported $2.4 million in revenue for the second quarter, growing 460% 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 1,000 e-commerce merchants and 309,000 shoppers with an Average Order Value of $893.
As the Buy Now Pay Later space is continuing 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.
Over the course of the year, Splitit has announced partnerships with Visa, Mastercard, and Stripe.
“Splitit has consistently been building the foundation to scale, and all indicators show that the time is now to accelerate our growth. 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.”
“Especially now, we are pleased to offer Splitit shoppers the chance to responsibly manage their cash flow needs without incurring new debt.”
“We look forward to accelerating merchant and consumer adoption of Splitit in our core markets with this additional capital. We are proud to play a part in helping businesses thrive as they better meet the needs of their shoppers.”
– Brad Paterson, CEO of Splitit