Splitit Completes $10.5M Capital Raise to Unlock Next Phase of White Label Install-as-a-Service Growth Plan
The company will leverage the recently completed capital raise to unlock the next phase of growth and expansion with leading global companies and strategic partners.
New and existing institutional investors participated in the placement.
Splitit’s management team and board also participated as a strong show of confidence in the direction of the company.
The proceeds will be used to enhance the company’s ability to scale its remittances platform as a service, the first white-label remittance service of its kind.
ATLANTE, September 12, 2022 /PRNewswire/ — Separate it (ASX:SPT, OTCQX:SPTTY) recently announced that it has completed a AU$10.5 million private placement with institutional investors. The company will leverage this capital to unlock the next phase of growth and expansion with leading global companies and strategic partners.
The capital raising attracted several new large institutional investors as well as current institutional investors. The increase also included participation from Splitit’s management team and board, adding A$712,500 as proof of confidence in the management of the company.
“We are very pleased with the market response to our strategy, as we move away from the crowded BNPL space with our Installments-as-a-Service platform,” said Splitit’s CEO. Nandan Sheth. “This new investment allows us to expand our service to new underserved verticals such as education, business services and digital native retailers. Our new model not only simplifies payment for the consumer, but also offers a consistent and streamlined merchant brand experience for our merchant partners.”
The new capital allows Splitit to accelerate its product roadmap so that platform partners can integrate our service directly into their technology stack while supporting next-generation one-click payment, further simplifying the process. ‘client experience.
Launched in May 2022, Splitit’s white-label payout-as-a-service platform eliminates unnecessary consumer friction and improves poor conversion rates inherent in legacy buy-now-pay-later options. Splitit’s merchant-branded experience integrates into the merchant’s checkout flow to allow merchants to focus on providing a more consistent shopping experience.
Splitit’s flexible platform helps merchants deliver a faster, easier checkout experience that drives additional sales, AOV, and brand satisfaction. A single global API makes Splitit’s Install-as-a-Service the easiest pay-after option to adopt, integrate, and operate while delivering a clean, streamlined experience.
To learn more about Splitit’s Installments-as-a-Service platform, visit: www.splitit.com
Splitit powers the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Installments-as-a-Service platform. Splitit solves the challenges enterprises face with the legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers, and acquirers through a single network API. Splitit’s Installments-as-a-Service platform mitigates issues with legacy BNPL such as declining funnel, checkout crowding and lack of control over merchant customer experience while empowering merchants to nurture and retain customers, drive conversion, and increase average order value. Splitit’s white label BNPL is the easiest payout option for merchants to adopt, integrate and operate while providing a clean and streamlined experience integrated into their existing purchase flow. Based at AtlantaSplitit has an R&D center in Israel and offices at London and Australia. Splitit is listed on the Australian Securities Exchange (ASX) under the symbol SPT and also trades on the US OTCQX under the symbols SPTTY (ADR) and STTTF (common stock).
This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities of United States or any other jurisdiction. The securities described in this announcement have not been and will not be registered under the U.S. Securities Act of 1933.
Brian WhiteSeparate it
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SOURCE Splitit UNITED STATESInc.