Google to implement Splitit’s instalments solution to the Google Store in early 2023

SYDNEY, AUSTRALIA: Splitit Payments Limited (ASX: SPT) has signed an agreement with Google LLC and certain of its affiliates to extend its partnership with Google to enable Splitit’s Instalments-as-a-Service to be added to the Google Store in additional markets beyond Japan (the “Expanded Google Agreement”).

Splitit signed its initial agreement to provide Google with Splitit’s instalment payment solutions in Japan in January 2021, going live in April 2021. As mentioned at Splitit’s 2022 AGM, the expansion of the original agreement has been a key priority for Splitit this year, and the conclusion of the expanded contract is a significant milestone.

The economic materiality of the Expanded Google Agreement is unknown due to the variable nature of revenues which are dependent on customer uptake of specific products. Splitit, however, expects that extending its partnership with Google may have a material impact on Splitit’s brand and business development prospects.

The Expanded Google Agreement shall remain in full force for an initial term of one year and shall be renewed automatically for successive periods of one year, unless a party gives written notice of non-renewal or unless the Expanded Google Agreement is terminated earlier. All other terms of the Expanded Google Agreement are not relevant to assessing the impact of the transaction on the price or value of Splitit’s securities.

As contemplated under Splitit’s Notice of Annual General Meeting dated 24 March 2022 (“Notice of AGM”) and the ASX announcement dated 1 August 2022, Shareholders have approved the exercise price of 2,166,667 existing warrants held by Goldman Sachs Bank USA and 4,333,334 warrants yet to be issued to Goldman Sachs Bank USA (together “GS Warrants”) to be reduced to $0.18 upon Splitit drawing down funds from the Facility (as defined in the Notice of AGM) for funding plans originated for Google USA consumers from Google LLC.

Splitit is a global payment solution provider that lets shoppers use the credit they’ve earned by breaking up purchases into monthly interest-free instalments 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 originating new credit.

Splitit serves many of Internet Retailer’s top 500 merchants and is accepted by more than 1,500 eCommerce merchants in over 30 countries and shoppers in over 100 countries. Headquartered in Atlanta, Splitit has an R&D centre in Israel and offices in London and Australia.