What Split It does

Splitit is a private fintech operating a buy-now-pay-later (BNPL) platform that enables consumers to split purchases into monthly installments using their existing credit cards, without applying for new loans, opening store cards, or undergoing credit checks. The company operates on a B2B2C model, integrating its installment payment solution into merchant checkout flows across e-commerce, point-of-sale, and digital wallet channels. Splitit serves retailers in verticals including general retail, education, healthcare, and home services, as well as card-issuing banks that distribute Issuer Installment Offers through the platform.

The core technology is a proprietary installment payment processing platform that authorizes credit card balances for total purchase amounts and processes recurring installment captures over time. Notable components include an Authorization Management System that periodically re-issues authorizations on consumers' cards as balances are paid down, an Issuer Installment Offers feature that lets card issuers push targeted installment offers at point-of-sale, a Consumer Portal for self-service payment management, and Digital Wallet Installments with finance-charge disclosure. The platform is protected by multiple granted and pending patents in the US and other jurisdictions, and Splitit maintains PCI DSS Level 1 service provider compliance with AES256 encryption, SSL, WAF, intrusion detection, and two-factor authentication for remote access.

Splitit generates revenue through transaction-based fees: per-transaction merchant fees set by fee schedule and non-refundable from the transaction date, issuer installment offer fees at rates equivalent to single-payment transactions, and finance charges on Digital Wallet Installments. Go-to-market combines enterprise field sales targeting merchants (Contact Sales / Request a Demo CTAs) with product-led self-serve consumer activation at checkout. Splitit operates through Splitit USA Inc. (NMLS# 2314339), Splitit Consumer Funding LLC (NMLS# 2630622), and Splitit UK Ltd., holding money lender and consumer lending licenses across 38 US states plus additional international jurisdictions, with US headquarters in Atlanta, a New York office, and a global footprint spanning North America, UK, EU, APAC (Australia, Singapore, Hong Kong, Japan), and Mexico.

Name

Split It

Legal name

Splitit USA Inc.

Website

https://splitit.com.au

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Splitit is a private BNPL fintech that enables shoppers to split purchases into monthly installments using their existing credit cards without new loan applications. It operates a B2B2C platform across the US, UK, EU, APAC, and other markets, serving merchants in retail, education, healthcare, and home services, plus card-issuing banks.

Ownership category

akta.pro rank

Product category

Buy Now Pay Later (BNPL)

NAICS

Sales Financing (52222), Activities Related to Credit Intermediation (5223), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)

akta.pro secondary industries

Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG), Buy Now, Pay Later (BNPL) (CRAFALAD), In-Store / In-Person BNPL (POS) (FSAKACAB)

Keywords

• Buy now pay later
• Installment payment platform
• Credit card installments
• BNPL payment solution
• Merchant payment processing

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Merchant Transaction Fees: Splitit charges merchants fees for each Splitit Transaction processed through their platform. Fees are set forth in merchant fee schedules and are non-refundable from the date of transaction. Merchants pay per transaction rather than a subscription model.
2. Issuer Installment Offer Fees: When customers accept an Issuer Installment Offer, merchants pay Splitit rates equivalent to single-payment ('pay-in-one') transaction rates as specified in the Fee Schedule.
3. Digital Wallet Finance Charges: Digital Wallet Installments carry a finance charge, which represents additional revenue beyond merchant transaction fees. The full cost is disclosed before customer confirmation.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Splitit is a Buy Now Pay Later (BNPL) payment platform that enables shoppers to split purchases into interest-free monthly installments using their existing credit cards, eliminating the need for new loan applications, credit checks, or hard inquiries. Merchants integrate the platform at e-commerce checkout or point of sale to offer white-label installment payments, with Splitit collecting transaction-based fees from merchants for facilitating each installment plan.

Product overview

Splitit is a Buy Now Pay Later (BNPL) payment platform that enables shoppers to split purchases into monthly installments using their existing credit cards without applying for new loans. The core consumer-facing products include Credit Card Installments, Pay After Delivery, and Digital Wallet Installments. For merchants, Splitit offers a suite of solutions including Buy Now Pay Later, Consumer Financing, E-Commerce Installments, Splitit Go, and Point of Sale Financing, serving industries such as Education, Healthcare, Home Services, and Retail. The platform operates as a licensed money lender across multiple U.S. states and internationally.

Differentiator

Problem solved

Functional benefit

Products and services

• Credit Card Installments Allows shoppers to split a purchase into monthly installments paid on their existing credit card at checkout, with no new credit application and preserving card rewards and benefits.
• Pay After Delivery A consumer-facing installment option where the shopper receives the item first and the installment payment plan begins after delivery.
• Digital Wallet Installments Allows shoppers to use Splitit installments when paying through supported digital wallets such as Apple Pay and Google Pay.
• E-Commerce Installments Enables merchants to embed Splitit's white-label installment payment option at online checkout, integrated with major e-commerce platforms.
• Splitit Go A merchant-facing installment payment product that enables retailers to offer Splitit installments in a lightweight, mobile-friendly flow.
• Point of Sale Financing Enables retailers to offer Splitit installment payments at the in-store point of sale, extending the online BNPL experience to physical retail.

Quantifiable outcome

• Shoppers earn credit card rewards (cashback, points, air miles) on every installment payment
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• Banks & Financial InstitutionscoreStrategic or Co-development PartnerSplitit partners with banks and card issuers to enable Issuer Installment Offers through their platform. Card issuers can make targeted installment offers to customers when the card presented matches an available Issuer Installment Offer on the Splitit Platform. This allows banks to offer competitive installment products while Splitit provides the technology infrastructure.
• Payment ProcessorscoreTechnology or IntegrationSplitit integrates with payment processors, gateways, acquirers, and card networks to process installment transactions. The platform requires integration with merchants' card processors for authorization and capture of installment payments. Transaction and payment data flows through these processor relationships.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Emerging players

• Katapult: Lease-to-own and BNPL provider focused on non-prime consumers and specialty retail. Adjacent competitor in the consumer installment payments space, particularly in e-commerce and POS financing.
• Perpay: US BNPL provider focused on integrating with employer payroll for repayment. A smaller emerging player with partial overlap in the installments space, though differentiated by its employer-linked repayment model.

Direct peers

• Zip (formerly QuadPay): BNPL provider offering pay-in-4 installments in the US and globally. Competes with Splitit in the same merchant and consumer installments market, with comparable scale and product breadth.
• Klarna: Global BNPL leader with pay-in-4 and longer-term installment offerings integrated at major merchant checkouts. Competes with Splitit for the same merchant placement slots and consumer wallet share, particularly in retail and e-commerce.
• Affirm: Leading US BNPL provider offering pay-in-installments at merchant checkout. Directly competes with Splitit for the same merchant relationships and consumer use cases in retail, e-commerce, and larger-ticket purchases, though Affirm uses its own underwriting rather than existing credit cards.
• Sezzle: Public BNPL provider offering pay-in-4 and longer-term installments at merchant checkout. Closely comparable in size, product offering, and vertical focus to Splitit, with similar subsidy-based unit economics.
• Afterpay (Block): Pay-in-4 BNPL provider owned by Block (Square), deeply integrated with Square's merchant ecosystem. Directly competes with Splitit in e-commerce and omnichannel retail installment payments.

Broad incumbents

• Bread Financial: Large incumbent consumer finance and BNPL provider serving major US retailers with white-label credit and installment products. Competes with Splitit in the merchant financing and installment lending space but operates at much greater scale.
• Apple Pay Later: Apple's native BNPL offering integrated into Apple Pay and Apple Wallet. A broad incumbent with massive distribution potential that could directly compete with Splitit's digital wallet and POS installment offerings through consumer adoption and merchant integration advantages.
• PayPal Pay Later: PayPal's BNPL suite (Pay in 4, Pay Monthly) leverages PayPal's massive existing merchant and consumer base. A broad incumbent competitor offering installment payments through the same checkout flow Splitit targets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/split-it

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Split It