Splitit Announces Record Fourth Quarter With Accelerated Growth Fueled by Strong Holiday Shopping Activity Across Merchant Partners
Splitit, a global installment payment provider, today announces another quarter of strong performance and high growth as the company continues to claim its spot as the go-to installment solution for responsible cash flow management. This is indicated not just in the number of new merchants that signed on with Splitit in the last quarter of 2020, but also in the record number of shoppers that leveraged the platform.
In the fourth quarter of 2020, Splitit saw Merchant Sales Volume (MSV) and Gross Revenue for the quarter on par with total achieved in 2019. The company also added 70K new shoppers following a shopper engagement campaign highlighting the company's key point of differentiation - helping consumers manage their earned credit.
"The fourth quarter was an exceptionally strong period, kicked-off by a record Black Friday (News - Alert) and Cyber Monday in November. Our focus on innovation to deliver the best shopper experience is paying dividends for merchants who enjoyed improved cart conversion, further supported by our new Flex Fields technology," said Brad Paterson, CEO, Splitit. "It is clear that as the Buy Now Pay Later space continues to heat up globally, Splitit is offering a unique and differentiated solution. The simplicity of our product continues to solve the number one biggest problem for companies selling through ecommerce, which is cart abandonment before check-out. Added to that is the overwhelming desire for shoppers to take more control of their finanes, which Splitit empowers consumers to do. Because of this, we are already seeing a strong start to 2021 as we continue our global expansion to become Google (News - Alert) Japan's first partner for installment payment solutions."
Splitit's MSV grew 218% from Q419 to $86.3M (News - Alert), driven by new agreements with large merchants and exceptional performance over the holiday shopping period, with particularly strong growth in North America and Europe. The company reported an increase in total merchants of 144%, accelerated by the ability for merchants to self-onboard through Splitit's partnership with Stripe Connect, enabling any merchant that accepts credit cards to offer installments in minutes. New large merchants added to the platform include Boardriders (Quicksilver, Billabong, Roxy, DC Shoes, RVCA, Element and VonZipper), Puffy, Ghostbed, Cowboy Bikes, Amain Hobbies, Idle Sleep, Joov and Super Jeweler. In early January 2021, Splitit partnered with Google Japan to support installment payments on the Google Store in Japan for the purchase of the new Pixel 5 mobile phone, Nest products and Chromecast streaming devices.
As 2021 kicks off, Splitit is seeing strong week-over-week MSV growth, driven by sales in the Homewares and Sports & Outdoors categories. "We believe we are offering the right solution at the right time, and we will continue our mission of helping shoppers make empowered decisions about the purchases that matter the most," adds Paterson.
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 installments, 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. Serving many of Internet Retailer's top 500 merchants, Splitit's global footprint extends to thousands of merchants in countries around the world. 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.
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