SYDNEY AND NEW YORK–(BUSINESS WIRE)–Splitit Payments Ltd (ASX:SPT), a leading global installment payment solution, today released first quarter results highlighting a strong quarter and exceptional growth in April. Despite the challenges of COVID, Splitit increased new merchant acceptance by 20% over last quarter, as well as merchant sales volume increasing by 152% in April compared to the same period in March 2020. , first-quarter revenue increased 104% from the previous corresponding. period (PCP) and up 51% compared to the previous quarter.
Although recent COVID-19 conditions have been challenging globally, Splitit saw significant growth across all major KPIs through April 26 after an initial slowdown in mid-March. This underscores the unique advantage of Splitit’s business model as the only installment payment offering merchants a payment solution without burdening consumers with new debt. Splitit is well positioned for continued growth supported by strong brand differentiation, underlying foundations and a business model that will accelerate growth across all key operational metrics.
“We are in the midst of a macroeconomic shift in retail and personal consumer finance. Some e-commerce businesses are more in demand than ever, but at the same time consumers are looking for more responsible ways to manage their money, especially as credit card limits are reduced and in the short term this could be more difficult to access,” said Brad Paterson, CEO of Splitit. “We’re proud to be the only solution that allows merchants to offer shoppers installment payments without burdening them with new debt, and we’re excited to partner with the best brands to make that happen.
As part of Splitit’s total merchant acceptance growing 20% year-to-date compared to last quarter, the company has added notable new merchants to the platform, including Nectar Sleep, Viagogo, Scorptec, Dreamcloud, instasmile, Factory Pure and Ride Cake. . The company also saw an acceleration in merchant sales volume throughout the quarter and established business partnerships with Visa and Stripe. Splitit’s solution is increasingly resonating with consumers as it helps them better use their existing credit (via credit cards) to make needed purchases with smaller, spread-out payments. The company accelerates new merchant acquisition and has a unique and robust business model with no exposure to consumer defaults.
“Our data clearly shows that consumers want and need more methods for responsible cash flow management,” adds Paterson. “They opt for 40% more time to make the installment payments and show a clear preference for preserving cash when possible. Forward-thinking e-commerce retailers are looking for responsible ways to support their consumers, and we’re proud to work with today’s most relevant businesses to support this effort.
Separate it is the only global payment platform that allows shoppers to pay installments through their credit cards, splitting credit card purchases into interest-free, fee-free monthly payments. Splitit’s consumer solutions enable merchants to offer their customers an easy way to pay for their purchases in monthly installments with instant approval, reducing cart abandonment rates and increasing revenue. Splitit Business Payments enables manufacturers and suppliers to provide buyers with an interest-free installment credit solution for the purchase of goods and services using their existing credit cards. Serving many of the top 500 Internet Retailer merchants, Splitit’s global footprint extends to 27 countries around the world. Based in New York, Splitit has an R&D center in Israel and offices in London and Australia.