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  • Monthly payment solution Splitit has recorded growth in all its key metrics during the quarter
  • The number of merchants using Splitit and the fees which they are paying almost doubled when compared to last year’s figures
  • Huge growth is also seen in customers using the buy now pay later service – year on year this is up 187 per cent
  • At midday trade, Splitit’s share price is up 7.7 per cent with shares trading for $1.04 each

Monthly payment solution Splitit has informed the market it has achieved growth in all its key metrics during the September quarter.

The number of merchants using Splitit and the fees which they are paying almost doubled when compared to the corresponding figures from last year.

Total merchants are now 624, up 97 per cent and after a 96 per cent boost, merchant fees equals roughly $680,500 (US$466,000).

Throughout the quarter, Splitit established new partnerships with online retailer Kogan.com, medical device supplier Philips Respironics, and music production software Albeltion.

The number of shoppers using Splitit recorded the highest growth, up 187 per cent to now total 235,000. In comparison, this time last year 82,000 customers were using Splitit.

According to the company, it remains well funded heading into the next quarter to accomplish its growth strategy. As it stands, Splitit has approximately $23.5 million in cash (US$16.1 million) and is waiting on around $6.6 million (US$4.5 million) in repayments from merchants.

In its release to the ASX today, Splitit said it continues to target regions with high credit card use. This includes the U.S., the U.K., Canada, Australia, France and Southeast Asia.

At midday trade, Splitit’s share price is up 7.7 per cent with shares trading for $1.04 a share..

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