- Delisting from ASX: Splitit, the white-label BNPL provider, voluntarily delisted from the Australian Stock Exchange (ASX) after private equity firm Motive Partners acquired a controlling stake.
- Motive Partners Investment: Motive Partners invested $50 million in two tranches of $25 million each, with the first tranche completed after shareholder approval for delisting.
- Financial Performance and Milestones: The second tranche of $25 million is contingent on Splitit achieving specific milestones related to its full-year financial performance for 2023, which the company claims to be exceeding.
- Strategic Plans: The investment is expected to significantly strengthen Splitit’s balance sheet, enabling acceleration of its white-label product strategy, product innovation, and global distribution partnerships.
- Redomicile and Shareholder Options: Shareholders approved the redomicile of the company from Israel to the Cayman Islands. They had the option to sell their stakes or carry them forward into the new private company.
- CEO’s Statement: Splitit’s CEO, Nandan Sheth, stated that the investment would significantly strengthen the company and support its growth initiatives.
- Fundraising Success: If the second tranche goes through, Splitit will have successfully raised $350 million since its founding in 2012.
- Company Background: Formerly known as PayItSimple, Splitit’s platform allows merchants and financial services firms to embed white-label payment installment options, with clients including Alipay and Worldline.
