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PayItSimple Receives $10 Million Line of Credit

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Installment-based payment platform PayItSimple is off to a good start this week. The company announced today it received a $10 million line of credit from New York-based Simpel Management.

The funds will be used to enable merchants on the PayItSimple platform to offer their customers an interest-free way to purchase large ticket items in multiple installments using their existing credit cards. While customers pay over time, merchants receive the entire payment up front.

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For an in-depth view of how it works, check out our previous coverage.

PayItSimple debuted at FinovateFall 2014 in New York.