Splitit

Company Overview

Snapshot

Founded in January 2012 by Gil Don and Alon Feit, Splitit operates with 51–200 employees. The company has raised a total of $105.1 million across six funding rounds from four investors. In December 2023, Splitit voluntarily delisted from the Australian Securities Exchange (ASX) following a $50 million growth commitment from funds advised by Motive Partners, and redomiciled from Israel to the Cayman Islands.

Business overview

Splitit is a global payment solution in the Fintech & Insurtech sector that enables consumers to pay for purchases using existing debit or credit cards by splitting the cost into interest-free monthly payments, eliminating the need for new registrations or applications. Its core technology leverages an API-driven platform and artificial intelligence to serve financial services, consumers, and commerce & retail industries. The company's platform helps online retailers increase sales revenue and acquire new customers by converting those who might otherwise abandon their carts, while providing consumers with flexible payment options to manage cash flow. Splitit serves over 300 merchants in 25 countries, with a patent-protected solution in the United States since 2012.

Strategic signal

In December 2023, Splitit delisted from the ASX and secured a $50 million growth commitment from Motive Partners, signaling a strategic shift towards private investment and accelerated growth. This move, coupled with redomiciling to the Cayman Islands, indicates a focused effort to execute its strategic plan and expand its Installments-as-a-Service platform, positioning the company for significant operational and market expansion outside of public market constraints.

Company Intelligence Q&A

What was the key development for Splitit in December 2023?

In December 2023, Splitit voluntarily delisted from the Australian Securities Exchange (ASX) and received the first $25 million tranche of a $50 million growth commitment from funds advised by Motive Partners. The company also redomiciled from Israel to the Cayman Islands, with the funds earmarked to accelerate growth and support its strategic plan.

How has Splitit been recognized for its growth?

In November 2023, Splitit was ranked No. 253 on the Deloitte Technology Fast 500™ in North America, marking its third consecutive year on the list with over 500% growth. This recognition highlights the company's sustained expansion in the installment payment sector.

What significant partnership did Splitit announce in September 2023?

In September 2023, Splitit expanded its 'Pay After Delivery' service to AliExpress customers in the US, following successful rollouts in several European countries and Australia. This service, enabled by Splitit's flexible technology platform and Checkout.com's payment-acquiring capabilities, allows customers to pay for goods after delivery using their existing credit cards.

What new payment experience did Splitit launch in April 2023?

In April 2023, Splitit launched SplititExpress, a white-label payment experience designed for mobile installments. This solution allows customers to use their existing credit cards for installment payments with checkout times under 2 seconds, supporting integrations with GPay and ApplePay, and enabling merchants to customize the experience with their own branding.

What strategic integration did Splitit achieve in March 2023?

In March 2023, Splitit's Checkout Plugin became available on SAP Store, integrating with SAP Commerce Cloud. This integration simplifies the adoption of Splitit's Installments-as-a-Service for large enterprises, allowing them to embed the customizable installment payment option directly into their e-commerce sites and reducing integration investment costs.