Splitit, an instalments-as-a-service platform that powers buy now, pay later (BNPL), has raised AUD 10.5m in a private placement with institutional investors.
This capital will help Splitit unlock its next growth stage and capitalise on expansion efforts. It hopes to accelerate its product roadmap so platform partners can embed services directly into their technology stack, while supporting a next-generation one-click instalment checkout.
This private placement included several new large institutional investors, as well as existing backers. Funds also came from Splitit’s management team and board of directors.
Launched in 2022, Splitit’s white-label instalments-as-a-service platform eliminates consumer friction and improves conversion numbers. Its merchant-branded experience embeds into the merchant’s checkout flow to allow merchants to focus on delivering a more cohesive shopping experience.
Through its technology, merchants can offer a simpler payment experience that generates incremental sales, AOV, and brand satisfaction.
Splitit CEO Nandan Sheth said, “We are very pleased with the market’s response to our strategy, as we 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.”
The company is headquartered in Atlanta and has an R&D centre in Israel and offices in London and Australia. It is also listed on the Australian Securities Exchange.
Buy now, pay later platforms are growing in popularity and more companies are exploring their services. Earlier in the year, Apple announced it is working with Goldman Sachs to develop a BNPL service for customers.
E-commerce platform Shopify also opened access to a BNPL service through Shop Pay Installments, which is powered through a partnership with BNPL provider Affirm.
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