PayTech venture Splitit has closed its initial public offering (IPO), raising AUD$12 million. It says that it will use the funds to strengthen its sales and marketing efforts, “enabling it to accelerate merchant acquisition, build distribution channels, and penetrate additional markets”.
Splitit provides merchants a solution that allows omnichannel customers to split purchase costs into interest and fee-free monthly instalment payments using their credit or debit card. The company processed over AUD$94 million across 118,000 transactions by the end of Q4 2018.
“This is a significant milestone for Splitit and we are honoured that our investors have recognised our contribution to the industry as a leading global payment solution,” says Gil Don, CEO and Co-Founder, Splitit. “We will use the opportunity to further expand our 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.”