The company will use the new funding round to expand its list of global enterprise merchants and strategic partners. The capital infusion has already brought aboard several new large institutional investors, apart from the current ones, and will accelerate its product road map for platform partners.
At the same time, platform partners can embed the services provided by Splitit into their technology stack and support a next-generation type of payments, one-click installment checkouts, which will enhance the overall user experience.
Launched in May 2022, the Installment-as-a-Service white-label solution aims to eliminate unnecessary customer friction and increase conversion rate among merchants offering this type of payment solution for their services. The BNPL concept will provide extra flexibility for payments so that merchants can boost their checkout flows and deliver a superior, cohesive shopping experience.
Ultimately, the solution provides a faster and simpler payment experience that will result in increased brand satisfaction and boosted sales. Splitit’s business model uses a single global API to integrate everything into an easy-to-use platform that can provide customised BNPL services and various ways to adopt, integrate, and operate them.
Founded in 2012, Splitit offers highly tailored Buy Now, Pay Later solutions through merchant-branded Installments-as-a-Service platform. Using a single API, the company puts together card networks, issuers, and acquirers by unlocking BNPL at the point of sale. It aims to mitigate issues with legacy BNPL services, including declining conversion funnel, clutter at the checkout, as well as the lack of control for the merchant’s customer experience.
Splitit’s white-label platform represents an easy installment option merchants can adopt. The company has offices in the US, Australia, and the UK, and claims to be a unique type of BNPL provider that doesn’t charge fees, applications, or performs credit card checks.
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