Payment Solution Provider Splitit Completes A$10.5M Private Placement

​Splitit, a US-based payment solution provider, announced it had completed a A$10.5 million private placement with institutional investors. The company will leverage this capital to unlock the next phase of growth and expansion with large, global enterprise merchants and strategic partners.

The capital raising brought in 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 as a strong show of confidence in the company's direction.

"We are very pleased with the market's response to our strategy, as we break away from the crowded BNPL space with our Installments-as-a-Service platform," said Splitit CEO Nandan Sheth. " 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."

The new capital allows Splitit to accelerate its product roadmap so platform partners can embed the service directly into their technology stack while supporting a next-generation one-click installment checkout, further simplifying the shopper experience.

Source: Fintech Finance