Split Pay has raised $125 million across back-to-back Series A and Series B funding rounds led by Khosla Ventures, giving the credit technology company substantial new capital after it said the business grew 70x over the previous 12 months. Khosla Ventures led the rounds, with participation from a group of venture capital and strategic investors that includes Thrive Capital, MetaProp, Alpaca VC, Moderne Ventures, Intuit Ventures and SciFi VC, according to the company’s financing announcement.
The company announced the two financings together rather than separately, positioning the capital raise as support for its effort to build what it describes as the future of credit. Split Pay summarized its approach with the phrase, “Banks move money, we move time.”
The combined $125 million financing represents a significant capital commitment at an early stage in the company’s development, spanning both a Series A and Series B in close succession.
The investor group brings together firms with experience across financial technology, software, real estate technology and broader venture investing. The participation of multiple investors alongside Khosla Ventures gives Split Pay a sizable backing syndicate as it works to expand its credit platform.
Split Pay’s announcement emphasized the speed of the company’s recent growth, noting that it expanded 70-fold in just 12 months before completing the back-to-back financing rounds.
The company is positioning itself around rethinking how credit products are structured and delivered. Its branding around “moving time” suggests a focus on giving customers greater flexibility around when payments are made, while the company broadly describes its mission as building a new model for credit.
The new capital provides Split Pay with additional resources to continue developing its platform and supporting growth following the rapid expansion reported over the past year.
Split Pay did not disclose the individual amounts raised in the Series A and Series B, so the $125 million figure represents the aggregate financing across the two rounds rather than the size of either round individually. The announcement also did not provide a valuation for the company.
The financing places Split Pay among a growing group of financial technology companies attracting large amounts of venture capital to develop new approaches to consumer and business credit, payments and financial infrastructure. Split Pay’s next phase will center on translating its recent growth and new funding into a broader credit platform while continuing to build around its core proposition.
