Splitit Appoints Nandan Sheth as CEO

Splitit (ASX:SPT,OTCQX:SPTTY), the company empowering shoppers to use their credit cards to pay in installments, is pleased to announce its board of directors has appointed Nandan Sheth as CEO, effective February 28, 2022. Sheth is a seasoned fintech and payments industry executive with a record of entrepreneurial success co-founding, scaling and successfully selling two prior payments companies to large strategic acquirers. He also has significant experience as an executive at major global fintech and payment companies, including Fiserv, First Data Corporation and American Express. Splitit also announced that Interim CEO John Harper, who joined Splitit in August 2021 to lead the company during the global search process for a permanent appointment, will stay on for a period of time to ensure a smooth transition.

Sheth most recently served as Fiserv's Head of Global Digital Commerce and Head of Fiserv's Carat business, an ecosystem of omnichannel commerce solutions for large multinational merchants. Before that, Sheth was President of Acculynk, the company he co-founded in 2008 and sold to First Data in 2017. His earlier experience includes serving as GM at American Express and co-founding and scaling Harbor Payments (sold to American Express) and e-Debt. Sheth holds an MBA from the Cass Business School and a BSc with Honors from City, University of London.

"Nandan brings more than 20 years of relevant experience and a powerful network within the payments and fintech space to Splitit," said Dawn Robertson, Chair of the Board of Splitit. "Given his background and experience as a leader across business development, production strategy, and his ability to successfully develop and launch partnerships, we're confident that he will unlock the growth potential of the company."

"At the same time, we thank John Harper for his leadership and guidance as Interim CEO. Having a veteran retail executive at the helm over the past six months has helped us better understand merchants' needs and expectations and develop our business in ways that help our partners take full advantage of the market opportunities in front of them," Robertson continued.

Splitit is a credit card–based installment solution that lets consumers spend smarter by making the most of the credit cards they already have. Splitit gives shoppers more control by turning larger purchases into more manageable monthly installments on their existing credit cards—with no new financing, interest or fees—while benefitting from the card's existing rewards program. Splitit's flexible platform helps merchants deliver a faster and simpler payments experience that generated incremental sales, AOV, brand satisfaction and loyalty.

"I'm honored to join this disruptive fintech company at an inflection point. There is unparalleled demand for its innovative payment option letting consumers use their existing credit, rather than new financing, for spreading out large purchases," said Sheth. "Additionally, Splitit is the most merchant friendly BNPL platform in the market allowing merchants to maintain a direct relationship with their customers, while supporting the highest BNPL approval rates in the industry. The global opportunity for Splitit is tremendous, and I'm excited to be part of the journey that impacts consumers, merchants and shareholders."