Splitit completed A $10.5 Million Capital Raise to Unlock Next Phase of White-Label Installment-as-a-Service Growth Plan

Splitit (ASX: SPT, OTCQX: SPTTY) recently announced it had completed a A$10.5 million private placement with institutional investors. The company will leverage this capital to unlock the next phase of growth and expansion with large, global enterprise merchants and strategic partners.

The capital raising brought in several new large institutional investors along with current institutional investors participating. The raise also included participation from Splitit's management team and board of directors, adding A$712,500 as a strong show of confidence in the company's direction.

The new capital allows Splitit to accelerate its product roadmap so platform partners can embed our service directly into their technology stack while supporting a next-generation one-click installment checkout, further simplifying the shopper experience.

Launched in May 2022, Splitit's white-label Installments-as-a-Service platform eliminates unnecessary consumer friction and improves lackluster conversion numbers inherent with legacy buy now, pay later options. Splitit's merchant-branded experience embeds into the merchant's checkout flow to allow merchants to focus on delivering a more cohesive shopping experience.

Splitit's flexible platform helps merchants deliver a faster and simpler payment experience that generates incremental sales, AOV, and brand satisfaction. A single global API makes Splitit's Installment-as-a-Service the easiest pay-later option to adopt, integrate and operate while delivering an uncluttered, simplified experience.