Splitit has announced the launch of FI-PayLater. Splitit will unlock its extensive merchant network to banks and card issuers (FIs) that wish to offer instalment plans to existing customers, directly at the merchant checkout.
Splitit’s solution, FI-PayLater, enables FIs to connect directly to Splitit, or connect via their existing card network, to drive incremental lending and fee income from BNPL use cases.
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Nandan Sheth, CEO, Splitit, said: “By enabling FIs to present compelling instalment offers to their customers at the merchant checkout, we enable FIs to become relevant within the ‘during purchase’ instalment market. Additionally, giving issuers the ability to pre-fund the merchants and charge the shopper driving new fee income in the environment of regulated interchange. We’re allowing FIs to capitalize on their inherent advantages of scale, trust, and available credit within the instalment economy.”
Collin Flotta, Head of Product, Splitit added: “Many FIs have expressed a strong desire for this type of solution, and we’ve responded by delivering it. Our single entry point and extensive network of merchant endpoints make FI-PayLater the easiest and most effective pay-later option for issuers to adopt, integrate, and operate across all consumer touchpoints, allowing us to lead the market and improve the economic model for all involved.”
Key Features of the new product include: one-click instalment selection at checkout with customizable preferences for such things as plan duration, AI-powered waterfall, with dynamic shopper fees, on-demand card art, and risk parameters unique to each FI and embedded network instalment programs including Visa‘s (VIS) and Mastercard Installments.
Splitit: share price collapse, delisting and $50m capital raise
Splitit raised A$12m ($8.6 million) in an initial public offering on the Australian Securities Exchange (ASX) in January 2019.
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By GlobalDataIn its first day of ASX trading, the share price rose 90% to A$0.38 from its IPO price of A$0.20 cents. Initially, this gave the firm a market value of A$54m.
In August 2023, it announced plans to go private after signing an agreement with Motive Partners for a $50m investment. By then, the Splitit share price had fallen by over 90%.
The investment was to be in two parts of $25m each. The first tranche would be invested immediately when shareholders approve Splitit voluntarily delisting from the Australian Securities Exchange. At the same time, Splitit said it would shift its base from Israel to the Cayman Islands.
The second tranche of $25m will be invested when Splitit achieves 2023 full-year financial performance milestones it said it was on target to exceed.
