Splitit pulls in fresh funding

PayTech venture Splitit has raised $30 million AUD in new equity, with plans to raise up to $10 million AUD through a share purchase plan. This builds on the closing of its initial public offering (IPO) earlier this year.

The venture provides merchants a solution enabling customers to split purchase costs into interest and fee-free monthly instalment payments using their credit or debit card. “We are excited about what lies ahead for Splitit. Following our successful IPO, we have seen rising demand for our one-of-a-kind solution,” says Gil Don, Splitit CEO and Co-Founder.

“We continue to grow at a rapid pace; we now serve hundreds of merchants in 27 countries. We look forward to continuing this strong trajectory, expanding our sales team as well as our product and R&D teams to bring interest- and fee-free instalment payments to further merchants and shoppers across the globe.” 

The company will use the cash to increase its capacity to meet demand for its products, pursue its growth strategy at a faster rate than was anticipated in its IPO prospectus, and to capitalise on existing and new opportunities.

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