Splitit, a merchant-branded installments-as-a-service platform, has raised A$10.5 million in private placement capital funding with participation from both current institutional investors and new backers.
The company’s management team and board of directors also added A$712,500, according to a press release Monday (Sept. 12). Splitit said the funds will be used to advance the next stage of its white-label installments-as-a-service offering with large, global enterprise merchants and strategic partners.
See also: Splitit/Telispire Partnership Offers BNPL for High-Ticket Mobile Devices
CEO Nandan Sheth said the market has responded positively to the company’s move away from the buy now, pay later (BNPL) segment and into installments-as-a-service.
“This new investment enables us to scale our service into new underserved verticals such as education, business services and digital-native retailers,” Sheth said. “Our new model not only simplifies checkout for the consumer but also provides a consistent and simplified merchant-branded experience for our merchant partners.”
The fresh infusion of capital gives Splitit the ability to fast-track its product suite, making it easier for partners to embed its service into their technology stack. Splitit provides a next-gen, one-click installment that aims to make the user experience seamless, according to the release.
Read more: Inflation Expands Consumer, Merchant Interest in BNPL
Splitit rolled out its white-label installments-as-a-service platform in May to “virtually eliminate unnecessary consumer friction” while also boosting conversion numbers inherent with legacy BNPL options. The service is powered by a single global application programming interface (API).
In the release, the company explained that “Splitit’s merchant-branded experience embeds into the merchant’s checkout flow to allow merchants to focus on delivering a more cohesive shopping experience.”
Related: University eCommerce’s OCM Adopts Splitit Installments-as-a-Service Platform
Founded in Israel, Splitit established its global headquarters in New York in early 2019, but moved its home base to Atlanta in August. The company also has offices in London and Australia.
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