Splitit, a monthly installment payment solution provider, has raised $8.6 million through its initial public offering, which valued the company at $38.7 million. Splitit provides retailers with software that lets shoppers split payments into interest- and fee-free monthly installments. The company had processed $67.3 million across 118,000 transactions by the end of Q4 2018.
The system can be implemented into online, mobile and in-store systems that work with both credit and debit cards. Splitit seeks to drive higher average order values and reduce cart abandonments by providing more flexible payment options, while maintaining a seamless checkout process.
Splitit will use the money from its IPO to strengthen its sales and marketing efforts and penetrate additional market verticals and countries. The solution provider also will develop new offerings, including next-generation mobile solutions and a mobile wallet.
“This is a significant milestone for Splitit, and we are honored that our investors have recognized our contribution to the industry as a leading global payment solution,” said Gil Don, CEO and Co-Founder of Splitit in a statement. “We will use the opportunity to further expand Splitit’s capabilities and reach, bringing frictionless payment flexibility to countless retailers across the globe. We will continue to demonstrate the value of interest-free payment technology solutions that help customers use their credit lines wisely while enabling them to afford their desired purchases and better manage their cash flow.”
In addition to completing its IPO, Splitit added five new directors to its board:
- Spiro Pappas, CEO of Asia Operations at National Australia Bank Limited;
- Thierry Denis, the former President/Managing Director of Ingenico North America;
- Dawn Robertson, who has held leadership positions at Myer, Stein Mart, Macy’s, Bloomingdales and Old Navy;
- Michael Keoni De Franco, an entrepreneur with experience in mobile communications; and
- Mark Antipof, former Chief Commercial Officer, Europe at Visa.