The Splitit Ltd (ASX: SPT) share price is under pressure on Thursday following the release of an announcement.
At the time of writing, the buy now pay later provider’s shares are down 1% to 97.5 cents.
This means the Spiltit share price is now down 25% year to date.
What did Splitit announce?
This morning Splitit revealed that its global expansion has continued with new merchant deals.
According to the release, the company has formed a new partnership with a financial services company and expanded into key verticals through new merchant agreements worldwide.
In respect to the financial services company, Splitit has signed a deal with Findex. Its clients will now have the ability to pay for their professional services fees via monthly instalments using their existing credit cards via Splitit.
The company notes that Findex provides financial solutions to more than 250,000 personal and business clients across Australia and New Zealand.
What about the other merchant agreements?
Splitit has been busy signing up a number of new merchants. And while they are not well-known brands, management notes that they have lifted its addressable market to US$2.3 billion.
Among the new marchants are US based jewellery retailer Michaels Jewelry, Giant Bicycles, Echelon Fitness, Mate Bike, and furniture retailer Poly and Bark.
Splitit’s CEO, Brad Paterson, commented: “With more than $2.3BN in addressable sales volume now signed and currently integrating, Splitit acceptance continues to grow with some great new brands and further expansion into professional services, luxury goods, home furnishings and outdoor.”
“Our global platform and breadth of partnerships, combined with an AOV of $1K make us an attractive partner to merchants across the globe,” Mr Paterson added.
Though, one leading retailer that you won’t find on the Splitit platform is Kogan.com Ltd (ASX: KGN). Despite highlighting its partnership with the online retail giant in 2019, it has neglected to advise that this partnership has now been discontinued.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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