The leading installment payment solution company is expected to raise up to an additional $10M AUD via a share purchase plan
SYDNEY, May 28, 2019 /PRNewswire/ -- Splitit Payments Ltd. (SPT.AX), a leading global monthly installment payments solution business, has announced that it has raised $30 million AUD in new equity via a fully committed placement to institutional, sophisticated, professional, and experienced investors. Splitit is also hoping to raise up to an additional $10 million AUD by offering 12,500,000 shares to certain eligible shareholders in a share purchase plan (SPP). The SPP Offer is only open to Australian and New Zealand resident shareholders who held Splitit Shares on 16 May 2019.
After a successful IPO in January, Splitit's growth in merchant and user take-up has been faster than expected. New strategic opportunities are also arising, which have the potential to accelerate the company's market penetration and product offering.
"We are excited about what lies ahead for Splitit. Following our successful IPO, we have seen rising demand for our one-of-a-kind solution," said Gil Don, Splitit CEO and Co-Founder. "Splitit continues to grow at a rapid pace; we now serve hundreds of merchants in 27 countries. We look forward to continuing this strong trajectory, expanding our sales team as well as our product and R&D teams to bring interest- and fee-free installment payments to further merchants and shoppers across the globe."
The proceeds will enable Splitit to increase its capacity to meet the current excess demand for its products, pursue its growth strategy at a faster rate than was anticipated in its IPO prospectus, and allow it to capitalize on existing and new opportunities as they arise.
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments, without additional registrations or applications. Splitit enables merchants to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer's top 500 merchants, Splitit's global footprint extends to hundreds of marchants in a number of countries around the world. Headquartered in New York, Splitit has an R&D center in Israel and offices in London and Australia.
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