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 (“SPP”). The fundraise has attracted a number of top institutional investors including Woodson Capital Management, L.P.
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.”