Splitit, an innovative white-label, fully-embedded payments technology that lets customers pay in installments using their existing cards, has successfully secured the first $25m of a substantial $50m growth commitment from funds advised by Motive Partners.
This investment marks a pivotal moment for Splitit, following the overwhelming shareholder approval for its strategic decisions including the voluntary delisting from ASX and the redomicile from Israel to the Cayman Islands.
Splitit stands out in the commerce innovation landscape through its Installments-as-a-Service platform. This platform addresses the limitations of traditional Buy Now, Pay Later (BNPL) services, offering a streamlined, merchant-branded experience. It’s designed to enhance the customer experience at the point of sale, integrating seamlessly into existing purchase flows and driving increased average order values.
The new funding is set to turbocharge Splitit’s growth ambitions. Plans include accelerating their white-label product strategy, fostering product innovation, and expanding Tier One global distribution partnerships. This strategic investment significantly bolsters Splitit’s financial standing, propelling it towards realizing its innovative goals in the global FinTech arena.
Jeff Yabuki, Chairman and Founding Partner at Motive Partners, said, “We are thrilled to become a strategic investor in Splitit. The Company and its management have created a differentiated approach to commerce innovation across an impressive set of strategic partnerships which we believe will further unlock an attractive market. We look forward to partnering with Splitit’s talented team to take the Company to new heights.”
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