Afterpay rival Splitit surges 50pc on Mastercard deal

Shares in ASX-listed buy now pay later fintech Splitit have surged after it announced a partnership with global payments giant Mastercard, in a deal it said would let more retailers offer its services around the world.

On Thursday afternoon, shares in the rival to market darling Afterpay were up almost 50 per cent to 98¢, valuing the New York-based and Israel-founded company at $348.8 million.

Under the terms of the multi-year partnership announced, Splitit said Mastercard would open up its network of international partners to the company and would integrate its product with Mastercard’s suite of technology. This would let merchants offer Splitit payments at in-store checkouts and online.

The company said it was too early to determine the economic materiality of the partnership with Mastercard due to the contingent nature of results that may be generated, but investors lapped it up nonetheless.

Splitit was formed in 2012 and created technology that sits on top of the payments “rails” used by Mastercard and Visa to allow individuals to split the cost of an item into monthly payments on their credit card without needing to take out a separate loan.

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Source: Afterpay rival Splitit surges 50pc on Mastercard deal