NEW YORK, Dec. 2, 2021 /PRNewswire/ --
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.
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 500tm, 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.
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).
Brian Blank, Splitit
+1 760 917 3321
Nothing contained in this announcement constitutes investment, legal, tax or other advice. You should seek appropriate advice before making investment decisions.
This announcement contains "forward-looking statements." These can be identified by words such as "may", "should", "anticipate", "believe", "intend", "estimate", and "expect". Statements which are not based on historical or current facts may be forward-looking statements. Forward-looking statements are based on:
Actual results, performance or achievements of the Company could be materially different from those expressed in or implied by these forward-looking statements. The forward-looking statements contained within the presentations are not guarantees or assurances of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by forward-looking statements. For example, the factors that are likely to affect the results of the Company include general economic conditions in Australia and globally; exchange rates; competition in the markets in which the Company does and will operate; weather and climate conditions; and the inherent regulatory risks in the businesses of the Company. The forward-looking statements contained in this announcement should not be taken as implying that the assumptions on which the projections have been prepared are correct or exhaustive. The Company disclaims any responsibility for the accuracy or completeness of any forward-looking statement. The Company disclaims any responsibility to update or revise any forward-looking statements to reflect any change in the Company's financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except as required by law. The projections or forecasts included in this presentation have not been audited, examined, or otherwise reviewed by the Company's independent auditors.
You must not place undue reliance on these forward-looking statements.
SOURCE Splitit USA, Inc.
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