NEW YORK--(BUSINESS WIRE)--Splitit, a global payment technology company, today announces continued global expansion as the company demonstrates a strong start to 2021. With new progression into key verticals and a new global partnership with a leading financial services institution, Splitit maintains its strong position as the only buy now pay later solution that enables shoppers to pay in installments directly on their credit card.
“With nearly $3 trillion of available credit on US credit cards, the death of the credit card has been greatly exaggerated,” said Brad Paterson, CEO of Splitit. “Consumers continue to use credit cards because of the unique benefits they offer including convenience and rewards programs. Splitit is the only payment solution that empowers shoppers to use their earned, available credit in a manner that fits within their cash flow budget.”
Splitit is seeing an acceleration of merchant adoption due to its proven track record of increasing cart conversion as well as average order value (AOV). This includes new agreements with several leading brands, including Giant Bicycles, Super73, Mate Bike, Michael’s Jewelry, Poly and Bark and leading financial advisory firm, Findex. Splitit is unique in the buy now pay later industry as a payment platform and not a point-of-sale lender. It is fully integrated into the merchant’s payment page and enables shoppers to select installment payments using their existing Visa or Mastercard.
“With more than $2.3BN in addressable sales volume now signed and currently integrating, Splitit acceptance continues to grow with some great new brands and further expansion into professional services, luxury goods, home furnishings and outdoor,” Paterson said. “Our global platform and breadth of partnerships, combined with an AOV of $1K make us an attractive partner to merchants across the globe.”
As an indication of Splitit's continued growth and expansion, the company announces merchant agreements with the following companies.
Professional services
- Findex - One of Australia’s leading financial advisory firms, Findex clients will now have the ability to pay their professional services fees via monthly installments using their existing credit cards via Splitit, in addition to Findex’s existing payment solutions. Findex provides robust financial solutions to more than 250,000 personal and business clients across Australia and New Zealand.
- CoFi: CoFi is addressing the frustrating problem of different parties separately billing patients for elective surgical procedures. CoFi opthamologists and other surgeons will be able to offer Splitit as a convenient payment method for their patients.
- CredCompare: CredCompare’s mission is to provide medical loans to the 65 million Americans who can not afford medical treatment. The company offers multiple payment options in one platform.
Luxury
- Michaels Jewelry: A leading provider of fine jewelry in the U.S.
- APM Monaco: A contemporary fashion jewelry brand that associates itself with the chicness of Monaco and South of France lifestyle.
- Xupes: Recognized as the go-to place for pre-owned luxury
Home Furnishings
- Poly and Bark: Creators of high quality furniture and user friendly shopping experience
- Hastens: Swedish manufacturer specializing in beds, linens and lifestyle accessories
- openshop: An Australian home shopping network (Hyundai Department Store Group)
- House of Hackney: Interior design brand that takes pride in their artistically designed pieces made in England by craftsmen specializing in generations-old trades.
- Dott.pt: One of Portugal’s largest online shopping marketplaces
Outdoor & Fitness
- Giant Bicycles: With its partnership with Splitit, global bicycle brand Giant will be the first bicycle merchant known in Mexico to offer an integrated installment payment service online.
- Echelon Fitness: Expanding its partnership to include the U.S., Canada and France.
- Mate Bike: Foldable electric bikes that incorporate the very best of design and functionality to tackle today’s challenges of dense traffic congestion, climate change and health issues.
- SUPER73: Redefining the electric motorbike industry by emphasizing thoughtful design, responsible manufacturing techniques, and local community engagement.
In addition iconic Boardriders brands Quiksilver, Roxy and DC Shoes are now accepting Splitit across Europe.
Attracting World Class Talent
The company continues to build out its leadership team to support its rapid growth trajectory. In Q1 several key executive appointments were made, including Melanie Vala promoted to Chief Commercial Officer, based in NYC, Mariana Abdala and Lori Magyar joining the executive team as VP Product and Head of People respectively. Other senior appointments include Rob Gaige as VP of Marketing US and Lyndal Newman as Marketing Leader for Europe. The company has also launched a new Enterprise Sales team with the addition of Toni Stinton and Maria Tatone, who will be partnering with the top 250 brands in the U.S. to expand acceptance of Splitit’s platform.
About Splitit
Splitit is a global payment solution provider that enables shoppers to use the credit they’ve earned by breaking up purchases into monthly interest-free instalments, using their existing credit card. Splitit enables merchants to improve conversion rates and increase average order value by giving customers an easy and fast way to pay for purchases over time without requiring additional approvals. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to thousands of merchants in countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia. The company is listed on the Australian Securities Exchange (ASX) under ticker code SPT.