The partnership will support Splitit’s Instalments-as-a-Service platform to be adopted by Checkout.com’s extensive network of merchants and marketplaces, making it easier for those merchants and marketplaces to adopt the Splitit solution, and provide Splitit with a strengthened global product offering to take to the enterprise market.
Splitit’s officials said that the simplified integration is anticipated to provide Splitit the ability to better serve global enterprise merchants while they work with Checkout.com to jointly pursue new and exciting opportunities in ecommerce.
Splitit’s white-labelled Instalments-as-a-Service platform provides a merchant-branded experience embedded into the merchant’s checkout flow. Instead of originating new consumer loans, Splitit unlocks existing consumer credit on payment cards for 0% interest, pay overtime in instalments.
Any consumer with available credit on their credit card is automatically pre-qualified to use Splitit for the value of that available credit. There’s no application, registration or redirects and no additional interest, hidden fees and or credit checks.
The economic materiality of the agreement with Checkout.com is unknown due to the variable nature of revenues which are dependent on merchant adoption of Splitit’s platform and the value of customer purchases using Splitit’s services. Splitit, however, expects that extending its partnership with Checkout.com may have a material impact on Splitit’s brand and business development prospects.
Checkout.com focuses on large global enterprise merchants, with customers such as Farfetch, Netflix, Sony, and Shein. Checkout.com closed a USD 1 billion Series D funding round in January 2022, reaching a USD 40 billion valuation.
The received funds will be used to boost the company’s growth on the US market and continue developing its proprietary technology platform and the solutions. Checkout.com’s main goal remains the focus on Web3.
For more information about Checkout.com, please check out the company profile in The Paypers Company Database.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now