Splitit Payments Ltd. (ASX: SPT), a New York-based installment payment solution company, raised AUD$30M in new equity funding.
The funds were raised via a fully committed placement to institutional, sophisticated, professional, and experienced investors.
The company intends to use the funds to scale existing demand and accelerate growth in merchant and user acquisitions.
Led by Gil Don, CEO and Co-Founder, Splitit Payments is a global monthly installment payments solution business, enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments, without additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue.
The company, which had its IPO in January 2019, has an R&D center in Israel and offices in London and Australia.