Buy now, pay later company Splitit landed a partnership today with payment platform Stripe. The agreement makes Stripe the payment facilitator for all new merchants who onboard with Splitit. This move is expected to speed up the onboarding process for Splitit’s new merchant clients.
“With Stripe, we are able to not only immensely grow our capabilities to accelerate growth, but continue to reinforce our commitment to providing the best possible merchant experience for installment payments,” Splitit CEO Brad Peterson said. “What once took weeks and the help of many team members will eventually be fully automated to take just hours and eventually minutes.”
Splitit launched under the name PayitSimple in 2013. The company allows end customers to break down large payments into interest-free installments on their existing credit card without requiring a credit check or pre-qualification.
Last fall, the New York-based company partnered with Shopify, making its buy now, pay later technology available to Shopify’s 800,000+ merchants. This came a few months after the company made its payment solution available to more than 2,000 merchants in Malaysia, Thailand, Indonesia, and the Philippines via a partnership with GHL ePayments.
The company listed on the Australian Stock Exchange in early 2019, raising $12 million in an IPO. The company has a current market capitalization of $206 million.