Afterpay rival Splitit soars again on Q2 results

Shares in buy now, pay later fintech Splitit have surged again after the company reported it had more than tripled its merchant sales volumes in the second quarter.

In the three months to June 30, Splitit merchant sales volumes soared to $US65.4 million ($94.2 million), up 260 per cent on the second quarter of 2019.

On the back of the result, Splitit shares leapt 12.5 per cent to $1.54 at 2pm (Wednesday).

Splitit chief executive Brad Paterson told The Australian Financial Review the growth was the result of nine months of executing on its growth strategy, which includes forming strategic partnerships with the likes of the major credit card companies, Shopify and Stripe.

“We’re onboarding merchants in key verticals and those merchants are seeing an upside from the shift to e-commerce,” he said.

“Then, COVID pushed the demand for instalment-payment solutions and given the low-friction nature of our products … we’re seeing a much higher share of payments than before. This has all driven our growth.”

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Source: Afterpay rival Splitit soars again on Q2 results