SYDNEY & NEW YORK--(BUSINESS WIRE)--Splitit Payments Ltd (ASX:SPT), a leading global installment payments solution, today released first quarter results highlighting a strong quarter and exceptional growth in April. Despite COVID challenges, Splitit grew new merchant acceptance by 20 percent as compared to last quarter, as well as merchant sales volume increasing 152 percent in April compared to the same period in March 2020. In addition, Q1 revenue grew 104 percent on the prior corresponding period (PCP) and up 51 percent on the previous quarter.
Though the recent conditions from COVID-19 have been challenging globally, Splitit has seen significant growth across all leading KPIs through to April 26 after an initial slowdown in mid-March. This underscores Splitit’s unique business model advantage as the only installment payment offering merchants a payment solution without saddling consumers with new debt. Splitit is well positioned for continued growth supported by a strong brand differentiation, core underlying foundations and a business model that will enable accelerating growth across all key operating metrics.
“We are in the midst of a macro-economic change in both retail and personal consumer finance. Some e-commerce companies are becoming more highly sought out than ever, yet at the same time, consumers are looking for more responsible ways to manage their cash, especially as credit card limits are being cut and in the short-term, could be harder to access,” said Brad Paterson, CEO of Splitit. “We are proud to be the only solution that enables merchants to offer shoppers installment payments without saddling them with new debt and are excited to partner with top brands to make this happen.”
As part of Splitit’s total merchant acceptance growing by 20 percent since the beginning of the year as compared to last quarter, the company has added notable new merchants to the platform including Nectar Sleep, Viagogo, Scorptec, Dreamcloud, instasmile, Factory Pure and Ride Cake. The company has also seen an acceleration of merchant sales volume throughout the quarter and has implemented business partnerships with both Visa and Stripe. Splitit’s solution is increasingly resonating well with consumers as it helps them better use their existing credit (via credit cards) to make necessary purchases with smaller payments, spread over time. The company is accelerating new merchant acquisition and has a unique and robust business model with no exposure to consumer defaults.
“Our data is clear that consumers want and need more methods for responsible cash-flow management,” adds Paterson. “They are opting for 40 percent more time to make installment payments and showing a clear preference for preserving cash when possible. Forward-thinking ecommerce retailers are looking for responsible ways to support their consumers, and we are proud to work with today’s most relevant companies in support of this effort.”
Splitit is the only global payment platform that enables shoppers to pay installments via their credit cards, by splitting credit card purchases into interest and fee-free monthly payments. Splitit’s consumer solutions enable merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Splitit Business Payments allows manufacturers and suppliers to provide buyers with an interest-free, installment credit solution for purchasing goods and services utilizing their existing credit cards. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to 27 countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia.