NEW YORK--(BUSINESS WIRE)--Splitit, a global installment payment provider, today announces another record year of growth, including three consecutive quarters of 200% year-over-year growth as the company further solidifies its position as the only buy now pay later option that enables consumers to use their earned credit. With the company’s new $150 million credit facility from Goldman, it is well positioned to continue its momentum in North America.
Splitit’s annualized merchant sales volume (MSV) grew nearly 180% year over year to $345 million. Foundational partnerships with Stripe, Visa and Mastercard enabled innovation and accelerated merchant acceptance. Total shoppers more than doubled with an average order value (AOV) of more than $1,000, highlighting Splitit’s advantage in enabling installments on any transaction at any price point. This is a key point of differentiation in the market as most other BNPLs do not support AOVs at this level.
“The entire BNPL industry is coming off a period of record growth as more shoppers made their purchases online while looking for ways to manage their budgets,” said Brad Paterson, CEO of Splitit. “As we look ahead, our founding principles of financial empowerment and responsibility will fuel our continued growth in the market as merchants seek to find innovative ways to build brand loyalty and improve cart conversion by serving credit card holders who want the benefits of installment payments, without incurring additional debt.”
The company is off to a strong start in 2021 with MSV growth continuing at 2020 levels and new merchants including Google Japan and a $150 million credit facility from Goldman Sachs to support further expansion in North America. Splitit also appointed retail executive Dawn Robertson as Chair of its Board of Directors and added Vanessa LeFebvre from Adidas and Scott Mahoney from Tribeca Early Stage partners to its Board.
Splitit is a global payment solution provider that enables shoppers to use the credit they’ve earned by breaking up purchases into monthly interest-free installments, using their existing credit card. Splitit enables merchants to improve conversion rates and increase average order value by giving customers an easy and fast way to pay for purchases over time without requiring additional approvals. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint extends to thousands of merchants in countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia. The company is listed on the Australian Securities Exchange (ASX) under ticker code SPT.