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- Splitit Payments (SPT) has announced a 247 per cent year-on-year growth in merchant sales volume (MSV) for the March quarter
- The payment solutions provider attributes this to more merchants and shoppers adopting and using its platform
- Over the quarter, Splitit’s platform welcomed 70,000 new shoppers which brings the total number to half a million
- Furthermore, total merchants increased by 155 per cent with the help of major deals with the likes of Google and openshop
- Additionally, gross revenue grew by 292 per cent year on year to US$2.7 million (roughly A$3.5 million)
- In terms of expenses, the fintech stock spent around US$7.1 million (roughly A$9.2 million) on operations which mostly went towards admin and staff costs
- At the end of the quarter, Splitit had US$74.9 million (roughly A$96.9 million) in cash which is noticeably less than the US$92.8 million (roughly A$120 million) it started with
- Company shares have dropped 5.33 per cent and are trading at 80 cents
Splitit Payments (SPT) has announced a 247 per cent year-on-year growth in merchant sales volume (MSV) for the March quarter.
The payment solutions provider attributes the US$82 million (roughly A$106 million) result to an accelerated adoption by large merchants and shoppers.
The MSV outcome was also given a boost by Splitit’s shopper campaign which began last year. The campaign aimed to grow brand awareness and led to 70,000 new shoppers being added in the March quarter. This brought the total number of shoppers to 500,000 — marking a significant 111 per cent year-on-year growth.
Furthermore, total merchants increased 155 per cent to 2200 as Splitit added a number of large merchants to its platform. Big names include Google, Giant Bicycles, Super73, openshop, and Findex.
Additionally, gross revenue grew by 292 per cent year on year to US$2.7 million (roughly A$3.5 million).
“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,” Splitit CEO Brad Paterson said.
In February, Splitit secured a US$150 million (roughly A$193.9 million) credit facility with Goldman Sachs. This funding will support future growth in Splitit’s funded model and has doubled the size of the company’s funding capacity.
In terms of expenses, the fintech stock spent around US$7.1 million (roughly A$9.2 million) on operations, which mostly went towards admin and staff costs.
The company also repaid around US$8.4 million (roughly A$10.8 million) in debt.
At the end of the quarter, Splitit had US$74.9 million (roughly A$96.9 million) in cash. This is noticeably less than the US$92.8 million (roughly A$120 million) it began the quarter with.
Company shares have dropped 5.33 per cent and are trading at 80 cents at 10:49 am AEST.
