News

Splitit announces FY21 full-year results with Record MSV surpassing $500M annualized run rate

Splitit Payments Limited ("Splitit" or the "Company") (ASX:SPT,OTCQX:SPTTY), the Company empowering shoppers to use their credit cards to pay in installments, is pleased to announce its full-year results for the financial year 2021 (FY21).

"Splitit has reported a strong year of record growth, hitting an annualized run rate of more than US$500M in MSV in the final quarter. Merchant acceptance grew 60%, with 1.25K Active Merchants enjoying the flexibility, global scalability and improving cart conversion rates that Splitit offers, especially for higher-value purchases. We also saw pleasing growth of 43% in Active Shoppers, which will continue to drive MSV. As a global team, we made a lot of progress over the last six months under Interim CEO John Harper, including improving internal collaboration, simplifying our value proposition for merchants and shoppers, and narrowing our focus on Splitit's core product and geographic markets. I would like to thank John for his commitment and hard work during his tenure, and we are very pleased with the momentum as he hands over to new CEO, Nandan Sheth," said Dawn Robertson, Chair of Splitit. 

New CEO, Nandan Sheth, brings 20 years payments experience
Following a global executive search, the Board appointed seasoned payments industry executive Nandan Sheth as Splitit's new CEO in January 2022. Sheth brings domain expertise through his work at large payment companies, including Fiserv and American Express, along with major banks and Fortune 100 companies across North America and Europe. He also co-founded, scaled and successfully exited multiple fintech companies, including Harbor Payments (sold to American Express in 2006) and Acculynk (sold to First Data in 2017). Sheth commenced in the role of Splitit CEO on 28 February 2022.
"Attracting a CEO of Nandan's caliber is a strong validation of the value of Splitit's solution and the opportunities ahead for scaling the business. I have every confidence Nandan will take Splitit through this next growth phase and unlock the full potential of the company"," Robertson concluded.

FY21 GROWTH & PERFORMANCE 
Splitit achieved record annual MSV growth of 61% YoY compared to FY20, reporting MSV of US$396M (FY20 US$246M). On an annualized basis, this represents a run rate over US$500M in MSV based on Q4 FY21. This growth was reflected across Splitit's core geographic markets of North America and the United Kingdom and strong growth in Japan. Normalizing Splitit's deliberate shift away from accepting debit cards to focus solely on credit card transactions, MSV growth would have been 72% YoY.  
Revenue (Non-GAAP) grew 48% YoY to US$11M for FY21 (FY20 US$6.7M). FY21 MSV growth was higher than revenue growth due to the Company's more diversified merchant base. A slightly higher proportion of MSV was generated via the basic model and the removal of debit card transactions.