Splitit, the ASX-listed BNPL player behind a white-label Instalments-as-a-Service platform, has raised A$10.5 million in a private placement with institutional investors.
Launched in May, Splitit's white-label Instalments-as-a-Service platform promises to eliminate consumer friction and improves lacklustre conversion numbers inherent with legacy buy now, pay later options.
"We are very pleased with the market's response to our strategy, as we break away from the crowded BNPL space with our Instalments-as-a-Service platform," says Splitit CEO Nandan Sheth. "This new investment enables us to scale our service into new underserved verticals such as education, business services and digital-native retailers."