Splitit raises $100 million to tap US, UK boom
The chief executive of buy now, pay later company Splitit says the company’s $100 million capital raising will support a major marketing push in the US and UK, as it sets out to take a larger chunk of the rapidly growing segment.
Brad Paterson said the raising — first revealed by (The Australian Financial Review’s) Street Talk — was about driving “significant growth” for the business and shoring up its balance sheet. Afterpay investor Woodson Capital will come on as a substantial shareholder.
“We’ll invest a large percentage into sales and marketing initiatives directly to drive merchant acceptance and secondly, marketing activities to drive the awareness and usage of Splitit,” Mr Paterson said.
Institutional and sophisticated investors have already made commitments to fund $90 million of the capital raise, with the remaining $10 million coming from a share placement to eligible current investors.
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