SYDNEY, AUSTRALIA: Splitit Payments Limited (ASX:SPT) has signed an agreement with Checkout LLC, the cloud-based payments service provider to deliver an integrated instalment payments solution, as well as reselling Splitit through its network of merchants and marketplaces.
The partnership will support Splitit’s Instalments-as-a-Service platform to be adopted by Checkout.com’s extensive network of merchants and marketplaces, making it easier for those merchants and marketplaces to adopt the unique Splitit solution, and provide Splitit with a strengthened global product offering to take to the enterprise market.
Checkout.com focuses on large global enterprise merchants, with customers such as Farfetch, Netflix, Sony, and Shein. Checkout.com closed a US$1 billion Series D funding round in January 2022, reaching a US$40 billion valuation.
“We are pleased to be able to partner with such a forward-looking and fast-growing platform,” notes Splitit CEO Nandan Sheth.
“The simplified integration is anticipated to provide Splitit the ability to serve global enterprise merchants better while we work with Checkout.com to jointly pursue new and exciting opportunities in ecommerce.”
Splitit’s white-labelled Instalments-as-a-Service platform provides a merchant-branded experience embedded into the merchant’s checkout flow. Instead of originating new consumer loans, Splitit unlocks existing consumer credit on payment cards for 0% interest, pay overtime in instalments.
Any consumer with available credit on their credit card is automatically pre-qualified to use Splitit for the value of that available credit. There’s no application, registration or redirects and no additional interest, hidden fees3 and or credit checks.
The economic materiality of the Agreement with Checkout.com is unknown due to the variable nature of revenues which are dependent on merchant adoption of Splitit’s platform and the value of customer purchases using Splitit’s services. Splitit, however, expects that extending its partnership with Checkout.com may have a material impact on Splitit’s brand and business development prospects.
The Mutual Partner Agreement shall become effective from today and shall remain in full force for an initial term of twenty-four (24) months and shall be renewed automatically for an indefinite period until either party gives written notice of non-renewal at least thirty (30) days prior to the end of the then-current term or unless the Agreement is earlier terminated for breach of contract, financial instability or due to applicable law in accordance with the terms and conditions of the Agreement. All other terms of the Agreement are not relevant to assessing the impact of the transaction on the price or value of Splitit’s securities.