Splitit, the ASX-listed outfit that enables shoppers to pay in instalments via their credit cards, has raised US$71.5 million in a private placement and share purchase plan.
The buy now, pay later firm says the raise comes after record second quarter growth, where it processed over $65 million in merchant sales, up 260% year over year.
Splitit is now used by over 1000 e-commerce merchants and in the last year has inked deals with Mastercard, Visa and Stripe to help propel global growth.
The new funds, which come from institutional investors including Woodson Capital Management, will be used to accelerate sales and marketing, plus further investments in product and technology.
“We look forward to accelerating merchant and consumer adoption of Splitit in our core markets with this additional capital,” says Brad Paterson, CEO, Splitit. “We are proud to play a part in helping businesses thrive as they better meet the needs of their shoppers.”