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
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.