Splitit 2019 Full Year Results
Funding and Regulatory Update
Splitit advises that due to rapid growth, it has utilised half its interim financing facility with Shaked Partners Fund, L.P. (Shaked). The Company is also pleased to announce it has registered with AUSTRAC to provide factoring services to merchants and grow its funded merchant model in Australia.
Brad Paterson, Splitit CEO, said: “This reflects the rapid growth we are seeing in the U.S. market as demand rises for the Splitit platform. The facility with Shaked, on more attractive terms, also frees up capital to invest in our platform and support our growth plans, including expanded sales and marketing.”
“This is another important step in building our funded merchant model and improving efficiencies as we grow the business. Our business model is fundamentally different to other BNPL providers, as such, we are not subject to the same regulatory or licensing requirements in our principal markets associated with the provision of new consumer credit. This allows us to be nimble and highly scalable.”
March 2020 Quarterly Report & 4C
Strong Q1 Revenue with Exceptional Growth Trajectory
Splitit Payments provides an update on its quarterly activities for the three-month period to 31 March 2020.
YTD 12mths $1.7m rev, $17m loss
Sydney, Australia, 21 January 2020 – Splitit Payments Ltd (ASX:SPT) (Splitit or the Company), a leading global monthly instalment payment solution, announces that Chief Executive Officer, Mr Brad Paterson has been appointed to the Board as Managing Director, along with Mr Jan Koelble who has joined as an independent Non- Executive Director. In addition, Splitit’s Co-Founder and General Manager, EMEA, Mr Gil Don, and Non- Executive Director, Mr Michael DeFranco, have resigned from the Board to pursue new opportunities. These changes take effect today, on 21 January, 2020.
Brad Paterson was appointed as Chief Executive Officer on 1 October having joined the Company as Managing Director, North America in June 2019. He has more than 20 years of executive and leadership experience at some of the world’s leading fintech companies including PayPal, Visa and Intuit.
Jan Koelble has extensive experience in investment management, risk management and global capital markets. He is currently COO and Co-Founder of Clade, a private network of family offices and institutional investors based in New York. His career has included nearly a decade at Credit Suisse based in New York and Zurich, where he served as the COO for financial products in thewealth management business.
New Partnership with Stripe
Sydney, Australia, January
28, 2020 – Splitit Payments Ltd
(ASX:SPT), a leading global monthly installment payment solution, today announced its partnership with Stripe , a global technology company that builds economic infrastructure for the internet. The partnership agreement will see Splitit’s solution integrated with Stripe Connect to streamline merchant onboarding and enhance the merchant experience, enabling Splitit to scale significantly faster globally.
Stripe powers on line payments worldwide, processing hundreds of billions of dollars every year for millions of businesses. The integration with Stripe Connect will streamline merchant onboarding, providing technology to enable merchants to self-onboard to Splitit’s platform, currently a process that is undertaken manually. This streamlined experience will facilitate the rapid scaling of merchant numbers. The integration will also improve Splitit’s funded model process by automating acceptance and movement of money for all funded transactions, and significantly improve the merchant experience including multi-currency support and improved reporting tools. While the terms of the contract are confidential and commercially sensitive, Splitit will pay a small percentage of every transaction processed via Stripe Connect to Stripe. The Stripe contract shall continue until terminated. Splitit may terminate the contract at any time, whereas Stripe may terminate without cause by giving 120 days notice or with cause under customary termination rights relating to unremedied breach of contract, insolve ncy and reputational risk.
Splitit believes the Stripe integration is a significant strategic development in Splitit’s product and expects the benefits of the Stripe integration will have a material, positive impact on Splitit’s merchant acquisition rate.