Buy now pay later firm Splitit announces $50m investment from Motive Partners and delisting from ASX
Splitit Payments has signed a definitive agreement for an investment of up to $50 million from funds advised by Motive Partners to accelerate its growth and support the execution of its strategic plan.
The proposed investment is comprised of two $25 million tranches in exchange for the issuance of new preference shares.
The first tranche will be invested immediately upon shareholder approval of the company voluntarily delisting from ASX and a redomicile from Israel to the Cayman Islands by means of a share exchange accomplished through a merger.
The second tranche will be invested upon Splitit achieving certain 2023 full year financial performance milestones and the satisfaction of certain customary closing conditions.
Dawn Robertson, Chair at Splitit, says: “We are delighted to secure this significant capital commitment from a world class private equity sponsor. Motive is the ideal partner to help us drive future value creation due to its extensive payments expertise, value-additive capabilities, and deep industry relationships.”
“The board unanimously concluded that the Proposed Transaction represents the best available opportunity to create long-term value for Splitit’s existing shareholders.”
Nandan Sheth, Managing Director and CEO at Splitit, comments: “Attracting a strategic investor of this calibre is a testament to the quality of our team and our unique, innovative offering – especially given difficult market conditions for raising capital.”
“This level of investment significantly strengthens our balance sheet, allowing the team to focus on our white label product strategy, innovation, and our tier one global distribution partners.”
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