- Splitit Payments (SPT) increased its total number of merchants over the June quarter, with merchant sales volumes also increasing
- SPT recorded a 167 per cent increase to 2800 merchants at the end of the period, while merchant sales hit US$90 million (A$122.24 million)
- The BNPL business notched up US$2.8 million (A$3.8 million) in revenue over the quarter, with 566,000 shoppers using Splitit
- It entered the September period well-funded — with US$177 million (A$244.4 million) in finance and cash, enough to keep going for another 18.7 quarters
- SPT shares are trading down 1.01 per cent at 49 cents each
Splitit Payments (SPT) has increased its total number of merchants over the June quarter, with merchant sales volumes also increasing.
The buy now pay later business tabled its Q2 2021 report on Thursday announcing a 167 per cent uplift in merchants — with 2800 retailers now signed on.
The total number of merchant sales over the three-month period increased as well, hitting US$90 million (A$122.24 million), an increase of 39 per cent year on year.
The BNPL business notched up US$2.8 million (A$3.8 million) in revenue over the quarter, a 4 per cent increase on March's results and an 18 per cent increase compared to Q2 2020.
SPT said it had 566,000 shoppers using Splitit at the end of June, and CEO Brad Paterson explained the company has launched new products to capitalise on demand for BNPL.
"We are seeing these temporary [COVID-19] headwinds ease with key new initiatives launched, such as Splitit Plus, and improving macro conditions, which is expected to lead to accelerating growth in future periods," Mr Paterson said.
"As consumer spending post-COVID continues to evolve, we have also seen a reduction in same-store sales among our merchants, largely driven by consumers moving some spending back in-store.
"As part of this shift in consumer behaviour, our team recently launched Splitit InStore, which extends the Company’s offering to in-store channels and meets our customers where they are."
SPT entered the September period well-funded, with US$177 million (A$244.4 million) in finance and cash on hand.
That’s enough funding to keep the company going for another 18.7 quarters, after it spent $9.52 million on operating activities during the June period.
Company shares were trading down 1.02 per cent at 49 cents per share at 12:19 pm AEST.