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Splitit (ASX:SPT, OTCQX:SPTTY) announced impressive early results from its new white-label Installments-as-a-Service platform, with OCM brand reporting a 41% increase in total sales and a 54% boost in order volume compared to previous versions. This platform enhances customer loyalty by providing a seamless shopping experience and allowing merchants to retain ownership of shopper data, unlike many BNPL providers. Additionally, Splitit's model aligns with current regulations, positioning it as a future-proof option amid evolving financial regulations.
Splitit (ASX:SPT, OTCQX:SPTTY) announced a 350% growth in merchant sales volume (MSV) from the digital education segment between 2019 and 2022. The company serves over 100 education merchants, including notable names like upGrad and Simplilearn. In 2022, students spent an average of $1,500 across 8.5 installments. Despite over 60% of volume coming from the US, growth is also seen in Australia, Canada, India, the UK, and Southeast Asia. The global e-learning market, valued at $215 billion in 2021, is projected to grow significantly.
Splitit has successfully completed a A$10.5 million private placement with institutional investors to bolster its growth and expansion strategy. New and existing investors, along with the company's management and board, demonstrated confidence by participating in the raise. The funds will enhance Splitit's Installments-as-a-Service platform, enabling it to serve larger enterprise merchants and enter new markets like education and digital retail. CEO Nandan Sheth highlighted plans to accelerate product development and improve the consumer checkout experience.
Telispire, a subsidiary of NRTC, has integrated Splitit's Installments-as-a-Service platform into its PHOENIX billing system. This enables MVNOs to offer installment payments for mobile devices without needing new technology or lender relationships. The white-label solution enhances competitive positioning against larger carriers. Splitit’s platform allows consumers to pay over time without interest or hidden fees. Telispire's COO emphasized the goal of supporting resellers, while Splitit’s CEO noted the partnership empowers innovative retailers, streamlining the installment process.
letus has announced a partnership with Splitit, integrating its Installments-as-a-Service into letus's cloud payment platform for property rentals. This collaboration allows tenants to pay rent and security deposits in monthly installments without additional fees or interest. The white-label solution enhances user experience and strengthens tenant-landlord relationships. Splitit's technology simplifies the payment process, enabling seamless integration and improving financial controls for tenants and property managers. This innovation positions letus as a key player in the rental market.
Splitit is relocating its global headquarters from New York to Atlanta, enhancing its strategic positioning in the fintech sector. The Atlanta area hosts over 200 fintech companies generating $72 billion in annual revenue and processing 70% of U.S. transactions. This move aims to accelerate growth by placing Splitit at the core of a vibrant fintech ecosystem. The existing offices in Israel and Australia will continue to support research and finance operations. Splitit specializes in a white-label installment solution, allowing consumers to use their existing payment cards without incurring additional debt.
Splitit (ASX: SPT; OTCQX: SPTTY) announced on August 2, 2022, an amendment to its $150 million receivables funding facility with Goldman Sachs Bank USA, allowing for a 15% to 20% reduction in interest, contingent on achieving certain volumes. This change aims to enhance Splitit’s competitiveness globally. CFO Ben Malone highlighted this reduction as supportive of their expansion efforts, while CEO Nandan Sheth noted a 9x year-over-year improvement in net transaction margins, emphasizing their low-risk model and confidence in achieving profitability.
Splitit (ASX:SPT, OTCQX:SPTTY) announces key leadership changes and new executive hires to enhance its growth strategy in the installment payment sector. Payments veteran Dan Charron joins as Independent Non-Executive Director, while CEO Nandan Sheth transitions to Managing Director. The company also welcomes three senior executives: Colt McCutcheon as Chief Revenue Officer, Collin Flotta as Head of Product, and George Danforth as Head of Operations. These appointments aim to strengthen Splitit's position in the Buy Now, Pay Later (BNPL) market.
Splitit (ASX: SPT, OTCQX: SPTTY) partners with Everyware to integrate its Installments-as-a-Service platform into Everyware's Pay By Text solution, enhancing mobile payment options. This collaboration aims to provide a seamless Buy Now, Pay Later (BNPL) service with minimal consumer friction, allowing customers to utilize their existing credit cards with no application or hidden fees. Targeting key verticals like healthcare and home improvement, the integration is anticipated to be completed by Q3 2022, making installment payments easier for merchants and their consumers.
