ASX-listed buy now, pay later outfit Splitit is going for global growth through a multi-year distribution and development partnership with Mastercard
Under the arrangement, the New York-based andIsraeli-founded firm's payment installment software will be integrated with Mastercard's suite of technology as a network partner, opening up access to merchants worldwide.
Brad Paterson, CEO of Splitit, says: “This is a fantastic way to broaden the distribution of our solution, leveraging Mastercard’s incredible global reach, and build out a range of installment services. It’s a major plank in our strategy to grow through strategic partnerships to make Splitit a household name.”
He says Mastercard and Spliti plan to launch pilots across three markets followed by a global rollout.
Zahir Khoja, executive vice president of global merchant solutions and partnerships at Mastercard, comments: “Our network and global reach, alongside Splitit’s solution, aligns with our commitment of providing choice, control, and simplicity to consumers and businesses. Consumers walk away with payment options and businesses get paid in full, building consumer loyalty.”
Shares in Splitit surged 125% on the ASX on news of the partnership.