Buy now pay later platform Split secures its seed funding round

Split, a FinTech helping those in Singapore and Malaysia to split payments into monthly instalments, has reportedly closed its seed funding round on an undisclosed amount.

The investment was led by 500 Startups and was joined by a number of angel backers, according to a report from Business Times.

One of the angel backers was AccorHotels Asia deputy chief executive Louise Daley, who is also joining the Split board of directors.

Founded in 2018, consumers in Malaysia and Singapore can use Split to pay for products over three interest-free instalments, rather than paying it all in one. It works by a user selecting Split at the point-of-sale, they then pay the first instalment at that time. Split with then automatically deduct the instalments each month from the user’s debit or credit card.

Earlier in the month, fellow buy now pay later FinTech platform Tabby, closed a $7m funding round led by Raed Ventures.

FinTech investment in Singapore has been growing each year since 2016, FinTech Global data shows. Between 2016 and 2019, a total of $5.3bn has been invested into FinTech companies in the country, of which, $2.1bn was invested in 2019 alone.

With the coronavirus putting a lot of question marks over business viability, it appears FinTechs in the country have struggled to attract investment, with only $138m being invested during the whole of the first quarter.

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