Splitit draws $50M investment, plans ASX delisting

Installment payments company Splitit is going private after signing a definitive agreement with private equity firm Motive Partners for a $50 million investment, Splitit said Wednesday.

The investment will be in two parts of $25 million each, according to a Splitit news release Wednesday. The first tranche will be invested immediately when shareholders approve Splitit voluntarily delisting from the Australian Securities Exchange and shifting its base from Israel to the Cayman Islands, the release said. The second tranche of $25 million will be invested when Splitit achieves certain 2023 full-year financial performance milestones, “which the company is currently on track to exceed,” Splitit said.