BNPL Splitit has revealed it is planning to delist from the ASX after securing up to $50 million from Motive Partners.
The investment comprises two $25 million cash injections, the first of which will invested immediately upon shareholder approval of Splitit voluntarily delisting from ASX and relocating its business from Israel to the Cayman Islands.
The second tranche will be released to the organisation upon the completion of Splitit reaching its financial performance objectives for 2023, which the company claims it is on track to achieve.
Nandan Sheth, MD and CEO of Splitit, said: “This level of investment significantly strengthens our balance sheet, allowing the team to focus on our white-label product strategy, innovation, and our tier one global distribution partners.”
The investment is set to offer the firm a longer capital runaway as it pursues profitability. The strategic partnership with Motive is also set to further its ambition, as it looks to capitalise on the FinTech’s expertise and industry network.
The decision to redomicile to the Caymen Islands will also give the firm lower overheads, due to the significantly lower administrative costs in the nation.
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