Splitit raises USD 20.7 mln in funding round

Thursday 30 May 2019 08:56 CET | News

Splitit has raised USD 20.7 million in a funding round, hoping to raise up to an additional USD 6.9 million by offering 12.5 million shares to certain eligible shareholders.

Proceeds from the fundraising round will be used to increase capacity to meet the current excess demand for Splitit products. This is expected to accelerate the solution provider’s market penetration and new product development, helping the company expand at a fast rate.

Splitit currently works with merchants in 27 countries to offer shoppers interest- and fee-free installment payments.

Alternative payment systems are popular among younger shoppers, who are less likely to have access to credit cards than older consumers.

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Keywords: Splitit, installment payments, online payments, Australia, merchant
Countries: World

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