MELBOURNE, AUSTRALIA and NEW YORK, NY—Payments solutions provider Splitit saw its revenue grow a record 318 percent between Q3 2019 and Q3 2020 to USD2.4 million. The company’s merchant sales volume (MSV) grew 214 percent year over year (YoY) over the same period to USD70.9 million.
Consistent with previous quarters, this growth was particularly strong in Splitit’s largest markets: North America, which grew 200 percent, and Europe, which grew 232 percent YoY. Splitit also has new merchant agreements, such as with Boardriders.
Splitit has Canadian-based customers including Ergonofis, Plus Shop, and Puffy. However, Splitit is a global payment company, so for most of its retailers Canadian shoppers can use it including with merchants such as James Allen, Canyon, Echelon, Serenity Living, and Specialized Bikes.
Splitit has been taking steps to ensure this momentum carries on well into 2021 and beyond, enabled by a fully subscribed AUD100 million capital raise. For example, the company is launching the first phase of its integration with the Visa Installment API in time for the U.S. holiday shopping season.
Through a pilot program that will launch in Q4 2020, and planned to be expanded in 2021, the Splitit platform will enable issuers enrolled in the Visa Installment Program to provide installments for their cardholders. Splitit will process eligible transactions through the Visa Installment API and issuers will be able to fund merchants, via Splitit, on eligible plans. This provides the issuers the ability to provide consumers with additional options for installment payments on a Visa card. This development, said the company, further deepens its relationship with Visa and issuers while reinforcing the trust and benefits that Splitit’s platform provides to shoppers and merchants.
The integration comes on the heels of Splitit launching its new, internally developed payment form called Flex Fields. Designed to improve conversions for merchants and remove friction for shoppers, Flex Fields ensures shoppers never need to leave a merchant’s website when paying with Splitit.
This new product significantly improves the customer experience by reducing the number of clicks per transaction. It has improved shopper conversion rates by 20 percent for the merchants that have implemented it to date.
“With the continued support of shareholders via our recent financing, our high-growth trajectory continued strongly in Q3, with MSV and revenue growing at particularly impressive rates,” said Brad Paterson, CEO of Splitit. “This growth was driven by our focus on innovation and a frictionless customer experience, which is helping us stand out from other solutions that offer new finance. This, along with our world-class installment product, overcomes the single largest challenge for eCommerce merchants [which is to reduce] shopping cart abandonment rates. We are investing in our go-to-market strategies and expect these and our global partnerships with Visa and Mastercard to drive further growth in our business.”