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Splitit Payments Ltd (ASX:SPT), a company which is engaged in providing a credit card-based instalment solution to businesses and merchants, has announced the appointment of Former PayPal MD, Mr Andrew Pipolo to lead the companyâs Australian and Asia Pacific growth strategy.
Mr Andrew Pipolo was associated with some of the worldâs most successful payments companies such as PayPal, MasterCard and LoopPay (which is now known as Samsung Pay). He has enormous experience in payment solutions in the Asia Pacific region. Also, Mr Andrew Pipolo was successful in managing the entry of PayPal into the Australian as well as the Japanese market. Since 2004, he was working as the managing director of PayPal Australia and under his leadership, the company was able to reach over 8 million active accounts within four years, and it was the fastest growing operation within the PayPal Group. Since 2009, he was the Managing Director of PayPal Japan where he successfully established and cemented distribution alliances covering over $20 billion in online payments.
Mr Andrew Pipolo commented on his appointment where he said that Splitit is the only solution which can be offered in multiple countries based on its existing regulatory and licensing environments without any further product development. Across various locations, such as Australia, New Zealand, Singapore, Japan, China or any other country in the region, the company provides unique solutions to its merchants and shoppers. He also stated that he was lucky enough in growing the most successful payment solutions in the world and is ready to use this knowledge and experience while working with Splitit.
Gil Don who is the CEO and Co-Founder of Splitit Payments Ltd stated the company is excited on the appointment Mr Andrew Pipolo and is a better person to lead the growth objectives in Australia and the Asia Pacific region.
At present, Mr Pipolo will be based in Sydney where he will be working closely with the Spiro Pappas and Thierry Denis who are Sydney-based directors and other team members where he will be responsible for establishing the presence of Splitit in the region.
 On 7 February 2019, the company announced the appointment of the Nathan Mairs, who was the former Director of Business Development at Swedish payments giant Klarna, for leading the growth strategy of the company. He will be engaged with the experienced international board of Splitit Payments Ltd to deliver on its global merchant acquisition strategy. He has enormous experience in selling payment solutions to large merchants and also delivered outstanding results for Klarna.
On 29 January 2019, the company highlighted its business operations update which included the performance update, the product development and its outlook.
Performance Update
There has been an increase in the total active merchants by 23% to 380 as at Q4 CY18. The total no. of unique shoppers increased by 44%. The underlying merchant transactions in Q4 was up by 52% as compared to Q3 CY2018. The merchant fees went up by 22%.
Product Development
In the month of December 2018, Splititâs new Get Now, Pay Later solution was able to secure its first Active Merchant in December with Underlying Merchant Transactions, worth A$1.7 million as of 29 January 2019.
Outlook
Splitit, in the CY2019, will continue to onboard new merchants and the global pipeline is expected to thicken with both direct and distribution channels for delivering significant results in 2019 and beyond.
Since its inception, the stock has generated a return of 131.58%. By the closure of the trading session on 25 February 2019, the closing price of the share was A$0.880, up by 17.33% as compared to previous trading dayâs closing price. Today, the stock has corrected to lower levels, trading at A$0.835, down 5.114% (As at 1:50 PM AEST, 26 February 2019). The company has a market capitalization of A$237.3 million and approximately 269.66 million outstanding shares.
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