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Splitit gains market darling status, up over 400% from IPO price

Shares closed yesterday at $1.035, up 406% from its 20-cent IPO price earlier this year.
Splitit example at checkout
Merchants are attracted to Splitit as it increases their average order value and sales

Splitit Ltd (ASX:SPT) has traded as high as $1.165, or up 482.5% from its 20-cent initial public offering (IPO) on January 29, 2019.

The buy-now, pay-later company is following in the footsteps of big brother Afterpay Touch Group Ltd (ASX:APT).

An online shopper will buy a product, for example a $200 dress, upon checkout, they will have the option to select Splitit allowing them to pay for the dress is split payments with no interest.

Unlike Afterpay, which has said before it is an alternative to credit cards for the millennial generation who don’t like to use them, Splitit customers must have a valid credit card.

Splitit users must have a Mastercard or Visa with an appropriate limit to make a purchase and importantly, Splitit does not assume any of the credit risk as it is with Mastercard and Visa.

At 29 January 2019, Splitit had 380 active merchants operating in 27 countries around the world.

In the December quarter, its underlying merchant transactions totalled $32 million resulting in $1.45 million in total merchant fees with an average order value of $1,050.

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Splitit Ltd Timeline

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