Record quarterly MSV delivered with one month remaining

Published: Dec. 2, 2021 at 4:08 AM AKST

NEW YORK, Dec. 2, 2021 /PRNewswire/ --

Splitit empowers consumers to use the hard-earned credit on their existing credit cards to...
Splitit empowers consumers to use the hard-earned credit on their existing credit cards to spread payments over time with no applications, no additional fees and no hassle. (PRNewsfoto/Splitit USA, Inc.)
  • Company reaches record MSV performance in Q4 2021 with quarter-to-date (QTD) MSV of US94M to 30 November 2021, already surpassing Splitit's previous record full quarter, with one month remaining.
  • Integration with Wix, with Splitit now supporting six of the leading global e-commerce platforms
  • Splitit ranked No 66 on the Deloitte Technology Fast 500 in North America

Splitit Payments Limited ("Splitit" or the "Company") (ASX: SPT) (OTCQX: SPTTY), the Company empowering shoppers to use their credit cards to pay in installments, is pleased to report record merchant sales volume (MSV) for the two months to the end of November 2021, including the Black Friday and Cyber Monday holiday period.

Splitit reaches record quarterly MSV mark, surpassing the previous quarterly record with one month remaining

John Harper, Interim CEO of Splitit, commented, "It is pleasing to report record MSV growth in the fourth quarter to date. We're only two months into the quarter, and already we've surpassed the MSV reported for the whole of any previous quarter, with Christmas still ahead of us, which we are optimistic about.

"The strong MSV performance is attributable to the successful execution by the team over the holiday shopping period, better than anticipated results from Japan, and ongoing underlying MSV growth and momentum. Capturing seasonal and launch event opportunities is important, but I'm just as pleased to see progress across the business and our efforts translating into strong fundamental MSV growth."

MSV acceleration continues across Asia Pacific ("APAC")

While North America and the UK continue to be priority markets for future growth, the APAC region contributed significantly to the FY21 Q4 growth to date, with $US24M MSV. APAC growth improved 836% YoY and 451% QoQ, buoyed by a rapid seasonal acceleration in Japan in October and November. The success in Japan, which reported US$20M of QTD MSV, further demonstrates the value of our installment solution, especially for merchants wanting a solution that can help them sell more and serve numerous geographic markets while giving consumers an easy way to spend smarter using their existing credit cards.

Record MSV over shopping holiday weekend

Splitit reports a record US$11M in MSV across the holiday shopping weekend, including Black Friday and Cyber Monday, which took place from 26 to 29 November. Strong MSV growth was recorded across all Splitit's geographic markets of North America, Europe and APAC.

Splitit's Average Order Value (AOV) remains above $1K, signaling that shoppers continue to select Splitit to use their existing credit in a smarter way for bigger purchases while earning all the cashback, rewards, and purchase protections built into their cards.

Wix Integration strengthens E-commerce platform support

Splitit has recently integrated with Wix, a leading cloud-based web development services company. Wix helps small and medium-sized businesses create websites and mobile sites using online drag and drop tools. The integration enables merchants with a Wix site to easily offer Splitit's installment payments to their shoppers using their credit cards.

The addition of Wix adds another leading e-commerce platform to Splitit, which now supports six of the leading global e-commerce platforms, including Shopify, Magento, WooCommerce, BigCommerce and Salesforce Commerce Cloud.

At this point in time, Splitit is not able to determine the economic materiality of the Wix integration due to the contingent nature of results that may be generated.

Splitit ranked No. 66 on the Deloitte Technology Fast 500

Splitit was pleased to be ranked No. 66 on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, including public and private companies.

Due to growing interest in its installment payment solution from retailers and shoppers, Splitit achieved revenue growth of 2,486% over the eligible period, from the fiscal year 2017 to 2020.

Splitit launches sponsored Level 1 ADR Program through OTCQX market

As previously announced on 17 November 2021, Splitit has launched its sponsored Level 1 American Depositary Receipts Program ("ADR Program") in the United States, and all requirements for OTCQX trading have been met.

ADRs enable qualifying non-US companies to have direct exposure to the US Investment community, and OTCQX trading provides enhanced visibility and trading liquidity. This will complement Splitit's listing on the Australian Securities Exchange ("ASX").

Splitit's ADRs will trade under the symbol SPTTY and represent 1 ADR for every 40 ASX-traded SPT ordinary shares. Splitit will continue to trade under the symbol "SPT" on the ASX. No additional shares will be issued, nor any capital raised because of the ADR program launch.

Splitit will provide its next update on trading to the market before the end of January 2021 via its Quarterly Report and Appendix 4C.

About Splitit

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. Splitit serves many of Internet Retailer's top 500 merchants and is accepted by more than 2,800 e-commerce merchants in over 30 countries and shoppers in over 100 countries. 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. The Company also trades on the US OTCQX under ticker codes SPTTY (ADRs) and STTTF (ordinary shares).

Contact Information

US Media
Brian Blank, Splitit
+1 760 917 3321


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