As first reported by WSJ, Splitit Payments, an Atlanta-based installment payments provider, has agreed to issue new preferred shares to Motive Partners in exchange for $50 million in funding.
Splitit allows consumers to split the cost of a purchase into four equal payments over six weeks. The company’s platform is integrated with over 50,000 merchants, including Amazon, Walmart, and Home Depot.
Image: Splitit Payments
The funding from Motive Partners will be used to help Splitit expand its reach to large merchants.
The company is also planning to use the funds to develop new products and services.
Splitit’s decision to take private equity backing is a sign of the growing interest in the installment payments market.
The market is expected to grow to $1 trillion by 2025.Installment payments are a popular way for consumers to finance purchases.
They offer a number of benefits, including:
- The ability to spread out the cost of a purchase over time.
- The ability to avoid high-interest credit card debt.
- The ability to improve a credit score.
Splitit is well-positioned to capitalize on the growth of the installment payments market. The company has a strong track record of growth, and it has a well-established platform.The funding from Motive Partners will help Splitit to continue to grow and expand its reach. The company is likely to become a major player in the installment payments market in the years to come.Here are some of the key details of the funding:
- The round was led by Motive Partners.
- The round also saw participation from other investors.
- The round raised $50 million in funding.
- The funding will be used to expand to large merchants, develop new products and services, and grow the company’s team.
The funding from Motive Partners is a significant development for Splitit. It is a vote of confidence in the company’s business model and its future prospects. The funding will help Splitit to achieve its goals of expanding its reach to large merchants and developing new products and services.
