Splitit (ASX:SPT, OTCQX:SPTTY) has raised A$10.5 million according to a company release. Splitit states that the new money allows it to accelerate its product roadmap so users may embed their service directly into their technology stack while supporting a “next-generation one-click installment checkout.”
The funding reportedly involved several new large institutional investors along with current institutional investors participating. The raise also included participation from Splitit’s management team and board of directors, adding A$712,500.
Splitit CEO Nandan Sheth said they are pleased with the response as they “break away from the crowded BNPL space with our Instalments-as-a-Service platform:”
“This new investment enables us to scale our service into new underserved verticals such as education, business services and digital-native retailers. Our new model not only simplifies checkout for the consumer but also provides a consistent and simplified merchant-branded experience for our merchant partners.”
Splitit’s white-label Instalments-as-a-Service platform was launched this past May and is designed to eliminate consumer friction and improve conversion numbers in comparison to legacy buy now, pay later options.
Splitit is headquartered in Atlanta and has an R&D center in Israel with additional offices in London and Australia.