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Splitit (ASX: SPT, OTCQX: SPTTY) has enhanced its partnership with BlueSnap, designating them as its preferred processing partner. This collaboration focuses on simplifying the Buy Now, Pay Later (BNPL) experience for merchants. BlueSnap's extensive network recorded over $12 billion in charge volume, supporting Splitit's Installments-as-a-Service technology. The integration aims to facilitate seamless installment payments for merchants globally, with completion expected by Q3 2022. This partnership will enable both companies to target key verticals, enhancing distribution and visibility for Splitit.
Splitit has launched an innovative Installments-as-a-Service platform, enhancing the traditional BNPL model by allowing merchants to retain customer relationships. This platform facilitates a smoother checkout process, tapping into existing consumer credit without requiring loan approvals, thus reducing friction. OCM, a major player in college e-commerce, will adopt this solution, aiming for up to 4x higher conversion and 30% increased average order value. Splitit aims to expand its services globally, offering an integrated experience for both local and international merchants.
On May 12, 2022, Splitit Payments Limited (ASX:SPT, OTCQX:SPTTY) announced its participation in the Visa Ready for BNPL program, enhancing its Buy Now, Pay Later (BNPL) payment options for consumers globally. This partnership allows lenders and merchants to offer users flexible payment methods through Splitit's patented technology, which utilizes existing credit cards for installment purchases without additional fees. CEO Nandan Sheth emphasized the initiative's role in improving merchant branding and customer experience.
Splitit Payments Limited (ASX:SPT, OTCQX:SPTTY) reported strong FY21 results, achieving record annualized monthly sales volume (MSV) exceeding US$500M. Key metrics include a 61% YoY growth in MSV to US$396M and a 48% YoY revenue increase to US$11M. The number of Active Merchants rose 60% to 1.25K, and Active Shoppers increased by 43% to 330K. New CEO Nandan Sheth, appointed in January 2022, is set to guide further expansion, including a new US$150M funding facility with Goldman Sachs, while Splitit continues to innovate and expand its global partnerships.
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Splitit (ASX:SPT, OTCQX:SPTTY) announced the appointment of Nandan Sheth as CEO, effective February 28, 2022. Sheth brings over 20 years of experience in the fintech and payments sector, having previously held leadership positions at Fiserv and American Express, and co-founding successful fintech firms. Interim CEO John Harper will assist in the transition to ensure continuity. Sheth's appointment aims to leverage Splitit’s unique credit card installment solution, enhancing merchant relationships and customer experience in a growing market.
Splitit Payments Limited reported a record merchant sales volume (MSV) of US$94M for Q4 2021 by November 30, exceeding any previous quarterly totals with one month still to go. This includes US$24M from the APAC region, marked by impressive 836% YoY and 451% QoQ growth, especially in Japan. The company achieved US$11M in MSV over the Black Friday and Cyber Monday weekend. Splitit integrated with Wix and ranked No. 66 in the Deloitte Technology Fast 500, with a revenue growth of 2,486% from 2017 to 2020.
Splitit (ASX:SPT) has been recognized as the 66th fastest-growing company in North America on the 2021 Deloitte Technology Fast 500, with an impressive revenue growth of 2,486% from 2017 to 2020. Interim CEO John Harper attributed this surge to the growth of e-commerce and the demand for alternative payment options like buy now, pay later (BNPL). Unlike traditional BNPL solutions, Splitit allows consumers to use existing credit without additional steps, benefiting both customers and retailers. The Technology Fast 500 highlights companies achieving significant growth amidst challenges, showcasing ongoing innovation in the industry.
Splitit (ASX:SPT) announced a new integration with Wix, enabling merchants to offer installment payments to customers using existing credit cards. This partnership reinforces Splitit's commitment to empower small and medium businesses (SMBs) globally. With this addition, Wix merchants will provide more payment options across North America, Europe, Asia, and beyond. Splitit distinguishes itself in the buy now, pay later market by not charging additional fees or interest, positioning it strongly with an average order value of over $1,000.