Splitit Payments sees record growth in FY20’s third quarter

Buy now, pay later competitor Splitit Payments (ASX:SPT) has seen record growth over the third quarter of its 2020 financial year.

The company reported its merchant sales volume (MSV) grew to US$71 million (approximately A$99 million) over the quarter, which is up 214 per cent on the year-over-year (YoY) statistics.

Splitit also saw its North American MSV triple, while the company recorded 232 per cent MSV growth in Europe.

The company says the growth was triggered by continued expansion in merchant acceptance — specifically new larger merchants — which launched with Splitit towards the end of the quarter.

This lead to US$2.4 million (roughly A$3.3 million) in revenue — a 318 per cent increase compared to the YoY figures.

Source: The Market Herald