Splitit raises USD 71.5 mln to accelerate growth

Wednesday 5 August 2020 12:24 CET | News

Global instalment payments platform Splitit has raised USD 71.5 million dollars in a private placement and share purchase plan (SPP). 

According to the press release, the fundraise has attracted a number of institutional investors including Woodson Capital Management, LP. Moreover, the fundraise comes after the company’s announcement of a record Q2 growth, as it continues to drive conversion and increase Average Order Value (AOV) for ecommerce merchants. The funds will be used to accelerate sales and marketing, plus further investments in product and technology.

Splitit empowers shoppers to maximise the credit they’ve earned through responsible cash flow management. Besides, Splitit is currently used by over 1000 ecommerce merchants, and 309,000 shoppers with an Average Order Value of USD 893.

Furthermore, as the 'Buy now, pay later' space continues to grow internationally, Splitit might become the go-to player for ecommerce merchants looking to meet the cash management needs of shoppers. 

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Keywords: Splitit, instalment payments, funding round, private placement and share purchase plan, SPP, Woodson Capital Management, Average Order Value, AOV, ecommerce, merchants, Buy Now, pay later, shoppers
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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