Splitit

lending

FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 03/12/2020

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About

Splitit enables e-commerce merchants to offer interest-free monthly installment payments to their customers at the point of sale. Customers do not have to apply for a new credit line or qualify for a new credit card. Splitit works on their existing credit cards so customers also enjoy all of their regular credit card benefits such as points, cash-back and mileage. For businesses, having this additional payment option can mean increased conversion rates, higher average tickets, increased customer satisfaction and reduced barriers to purchase.

MEDICI Analysis

PayItSimple rebranded as a Splitit, It allows individuals to charge any purchase on their existing credit card and pay it back in monthly, no-fee interest free installments.

Focus

PRODUCTS & SERVICES

Installment Payments Splitit helps retailers, dentistry offices, surgery centers, and many other companies in boosting their revenues and building customer loyalty.

REVENUE MODEL

The company charges pricing according to its offered plans: Basic Plan and Funded Plan which varies asper the product and services set up by the customers.

MAIN CLIENTS

Burger Boutique

Slider station

The Florist

Crisp House

Fleur

COMMENT

The company helps it users to make their purchases at stores and on ecommerce sites with INTEREST- FREE monthly payments on the Visa and MasterCard credit cards

People

FOUNDERS

Gil Don

Alon Feit

BOARD MEMBERS AND ADVISORS

Mike Kennedy

Steve Aschettino

Carrie Bardeen Hometh

Yehoshua Abramovich

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Igor Ryabenkiy

PRYTEK

Simpel

Woodson Capital Management

KEY EMPLOYEES:

Brad Paterson (CEO)

Momentum

FUNDED

NO

TOTAL FUNDING

$12.3 M

DATE OF LAST FUNDING

Aug 2020

SEED & PRIOR FUNDING

$1.3 M

SEED CLOSED ON

Apr 2013

DEBT FUNDING

$10 M

CONVERTIBLE DEBT

$11 M

LISTED

YES

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