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Splitit
Buy-now-pay-later with no interest or credit check
- 21-100 employees
- B2C
- B2B
- Payments
- Lending
- SaaS
- Sales
- Midtown South, New York, NY
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Company mission
To empower consumers to use the credit they have earned to pay on their terms for the things they want and need.
Our take
Buy-now-pay-later services have gone from strength-to-strength in recent years as interest rates have stayed low and a new generation of digital-first consumers have grown their wallets. Despite that, many providers like Affirm have come under attack for their often credit-damaging business model.
Instead, Splitit has created a BNPL platform that integrates completely into the payment flow, meaning that it works off the available credit you have on your existing credit cards. That results in better protection for the consumer, as well as delivering a solution that reduces the disintermediation between consumer and merchant.
In the same vein, Splitit launched an Instalments-as-a-Service white-label BNPL platform in 2022 which allows merchants to drive loyalty and promote brand consistency on their own terms. The company is determined to continue expanding its offering for merchants and users alike.
The most difficult challenge for the BNPL platform will likely come from an unforgiving macro-environment. Ultimately, if users fail to repay their loans that will hurt Splitit’s bottom line more than anything else. However, strong relationships with merchants and an adjusted risk-model means they could fare better than their competitors.
Steph
Company Specialist at Welcome to the Jungle
Funding (2 rounds)
Oct 2015
$11m
CONVERTIBLE
Jan 2012
$4.3m
SEED
Total funding: $15.3m
This company has top investors
Leadership
Nandan Sheth
(CEO, not founder)Previously held senior positions at Fiserv, First Data, American Express, Acculynk.