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.
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.