Splitit Announces Strong Growth in Q1 FY21
April 23 2021 - 12:12PM
Business Wire
Nearly 250% year-over-year increase in merchant
sales volume and new global partnerships contribute to strong
performance
Splitit, a global payment solutions provider, recently announced
a strong start to 2021 with merchant sales volume (MSV) growing to
$82 million, a nearly 250% year-over-year (YoY) increase, driven by
increased adoption of the platform by both shoppers and merchants.
Splitit also reported an increase in gross revenue of nearly 300%
YoY to $2.7M. The results solidify the company’s position as the
only buy now pay later option for responsible cash flow
management.
“The first quarter saw an acceleration in growth across all key
operating metrics, accounting for seasonal trends. In addition to
another quarter of MSV growing more than 3X, revenue growing 4X
year-on-year reflects the increased adoption of our funded merchant
model,” said Brad Paterson, CEO of Splitit.
The company added several large new merchants to its platform,
including Google, Giant Bicycles, Hastens and Poly and Bark,
increasing total merchants 155% YoY to 2,200. Its average order
value (AOV) of more than $1,000 remains a key differentiator for
Splitit in delivering higher conversion rates on larger
purchases.
Splitit continued its marketing campaign designed to educate
shoppers about the company and grew overall brand awareness,
increasing shoppers by 111% YoY, reaching half a million
shoppers.
“We also continue to expand our partnerships, going live with
Google Japan and forging an important partnership with UnionPay
International enabling Splitit as a payment option to its network
globally,” added Paterson. “The strong momentum across the business
has continued into Q2. With several key hires in place, we are
well-positioned to continue growing in the year ahead.”
Professional services continued to be a high-priority vertical
with several new partnerships in the previous quarter and will
focus on accelerating growth with more dedicated sales and
marketing initiatives.
As part of Splitit’s partnership with Mastercard, Splitit and
Echelon Fitness, an at-home connected fitness company, have
developed an omnichannel marketing campaign highlighting Splitit
installment payments via Mastercard to purchase Echelon’s home
fitness products.
The strong start of Q2 began with Splitit announcing a
partnership with UnionPay International, part of China UnionPay,
giving its credit card holders and those accepting UnionPay the
opportunity to utilize Splitit’s installment payments platform.
Following the launch of Splitit with Google Japan, this is another
significant milestone in the company’s Asia expansion strategy and
growing its international footprint.
For more information on the company’s Q1 performance, visit:
https://investors.splitit.com
About Splitit
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 instalments 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. Splitit serves many of Internet Retailer's top 500
merchants and is accepted by more than 2,000 e-commerce merchants
in over 30 countries and shoppers in over 130 countries.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210423005499/en/
Media Contact: Brian Blank Splitit brian.blank@splitit.com
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