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- Buy now, pay later competitor Splitit Payments (SPT) has seen record growth over the third quarter of its 2020 financial year
- The company reported its merchant sales volume (MSV) grew to US$71 million (approximately A$99 million) over the quarter, which is up 214 per cent on the year-over-year (YoY) statistics
- This lead to US$2.4 million (roughly A$3.3 million) in revenue, an increase of 318 per cent compared to the YoY figures
- Over the quarter, Splitit went live with its self on-boarding in the U.S., following positive beta testing
- On the market today, Splitit is up 1.88 per cent and is trading for $1.63 per share
Buy now, pay later competitor Splitit Payments (SPT) has seen record growth over the third quarter of its 2020 financial year.
The company reported its merchant sales volume (MSV) grew to US$71 million (approximately A$99 million) over the quarter, which is up 214 per cent on the year-over-year (YoY) statistics.
Splitit also saw its North American MSV triple, while the company recorded 232 per cent MSV growth in Europe.
The company says the growth was triggered by continued expansion in merchant acceptance — specifically new larger merchants — which launched with Splitit towards the end of the quarter.
This lead to US$2.4 million (roughly A$3.3 million) in revenue — a 318 per cent increase compared to the YoY figures.
New merchants and shoppers
Merchants and shoppers continued to grow this quarter, with total merchants reaching 1400, an increase of 117 per cent over third quarter of FY19. Splitit says the acceleration in merchants numbers was particularly strong towards the end of the quarter because the company’s merchant self-onboarding platform, powered by the company’s Stripe partnership, went live.
In fact, Splitit added more merchants in the third quarter than ever before as merchant demand continued to grow for the company’s offering. Leading brands joining Splitit included Bianchi, Specialized, Bicycle Warehouse, Echelon Fitness, The Hut Group, Fabergé, Frederique Constant, 77 Diamonds and more.
Meanwhile, total shoppers reached 362,000, which is nearly double the number recorded in the third quarter of FY19.
Self-onboarding goes live
Over the period, Splitit’s merchant self-onboarding platform in the United States went live after successfully completing beta testing in the third quarter. Launches in other markets are expected to follow this quarter and through the beginning of 2021.
CEO, Brad Paterson, is excited about what’s to come in FY20’s fourth quarter following another record period.
“The continued uptick in MSV and the addition of new customers is further proof that today’s shoppers are turning to Splitit to better use their own earned credit,” he said.
“We are also seeing positive momentum for the option to self-onboarding through our partnership with Stripe, which has now been activated in the U.S.Q4 has started very strong and we are confident in our continued growth trajectory throughout the remainder of the year,” he added.
On the market today, Splitit is up 1.88 per cent and is trading for $1.63 per share at 10:44 am AEDT.
