Splitit Payments Partners with EFTPay to Offer Instalment Payment Solutions

  • Jun 06, 2019 AEST
  • Team Kalkine
Splitit Payments Partners with EFTPay to Offer Instalment Payment Solutions

Splitit Payments Ltd (ASX: SPT) is a payment method solution allowing customers to pay for purchases with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments, without the need for additional registrations or applications.

On 5 June 2019, Splitit Payments Ltd (ASX: SPT) announced a partnership with EFT Payments (Asia) Limited (“EFTPay”), a digital wallet services provider. SPT to offer its installment solution to the EFTPay’s merchants based in Macau and Hong Kong.

EFTPay focuses on digital wallet services. EFTPay was established in Hong Kong and is one of the important partners of Alipay, providing it with instant payment facility. It provides digital wallet facilities to merchants such as Estee Lauder, Hut, Kate Spade, Marriott, Sunglass, UGG and others.

With the partnership with SPT, EFTPay’s merchants would be able to offer their online customers access to the payment method solution of Splitit and make payment for the purchases with the prevailing debit or credit card by breaking the cost into interest as well as fee-free monthly payments with no additional registrations or applications.

Further, the company stated that its payments solutions would allow the merchants to offer their customers a solution to make payment for their purchases globally with instant approval, reducing the cart disbanding rates and thus boosting sales. Additionally, Splitit’s omnichannel technology does not need credit check, application, or registration. Therefore, it aids in a more faster as well as more efficient operation in-store, or through mobile or online

The partnership between Splitit and EFTPay is for a period of three years, and under this agreement, EFTPay will be required to fulfil necessary minimum annual targets for merchant transactions processed using Splitit’s solution. EFTPay would also be paying fees to Splitit based on the volume processed. The company expects to generate material revenue from the EFT Partnership of between US$2.5m - USD$5m over the life of the contract, if EFTPay is able to reach the set annual targets. However, the exact fee remains confidential. Further, the company does not guarantee that these revenue targets would be achieved.

Andrew Pipolo, Executive Lead APAC of Splitit, stated that through this partnership, the company would be able to continue its growth and expand its presence in APAC. He also stated that the company is delighted that it would be able to provide the merchants of EFTPay, a simple way that would help them to lift sales and improve client’s satisfaction by offering them interest-free installments at checkout.

CEO and Co-Founder of Splitit, Gil Don believes that with an increase in online sales, it is important that the merchants should optimize their e-Commerce businesses so that they are able to meet the increasing demand from the customers. He further stated that these customers are more responsive to the make payments in portion over other traditional incentives like discounts as well as free shipping.

Andrew Lo, Chairman and CEO of EFTPay stated that through this partnership, the customers of the merchants will be provided with the ‘buy now, pay later’ solution. With the addition of the company’s cross-border solutions, the merchants have solutions without needing their customer to apply for extra credit, leading to an enhanced satisfaction of the customers.

Customers Going Live:

Recently, on 24 May 2019, the company announced that five new strategically important merchants went live with Splitit’s solution. These merchants are from different industry verticals and from different countries who have signed up for the Splitit solution. These merchants include:

  • Virgin Pure: a Virgin Group company is into the business of selling water purification systems in the UK.
  • Fashionette: a leading German fashion marketplace. It has launched Splitit’s solution in the UK and would be rolling out in other European countries as well.
  • Otty: It is a fast-growing UK online mattress company.
  • ByteMe: This company is engaged in supplying teeth-alignment-solution in the US.
  • TigerSuplies: a leading US provider of tools for contractors, engineers and surveyors.

Based on customer feedback, the company has noted a high level of interest in the Splitit’s solution. Further, the company expects that in the near future, this would lead to growth in underlying merchant transactions and as a result, merchant fees.

Apart from the above updates, the company also highlighted that it has officially opened its office in Australia and has also made an appointment of Australian Director of Sales and an Australian Sales Engineer.

Travel industry forms part of a key vertical for Splitit. Ther8, which is an Australia based concierge travel company, is the first travel company that has signed up with Splitit in Australia and is expected to go live soon.

Financial Highlights:

Q1 FY2019 which ended on 31 March 2019 was the record-breaking quarter for the company. The company reported 57 new Active customers, up by 103% year-on-year to 437 Active Merchants, which operates in 27 countries across the world. More than 500 merchants are engaged in various parts of the sales cycle, which includes large global enterprise merchants.

In the first quarter of FY2019, the company had transacted with 42,000 new shoppers. As a result, the total number of Unique Shoppers to the end of Q1 reached 160,000, up 36% quarter-on-quarter. The company was able to maintain zero bad debt losses from over 160,000 transactions and have processed A$128 million (as per the company’s announcement on 29 April 2019).

In Q1 FY2019 which ended on 31 March 2019, the company used US$2.540 million in its operating activities. The drivers of the cash outflow were the payment made for research and development, advertising and marketing, leased assets, staff costs along with the administration and corporate costs.

The company used US$0.019 million in its investing activities.

During the period, the company raised US$8.601 million from the issue of shares and US$1.500 million from the exercise of share options.

By the end of Q1 FY2019, Splitit Payments Ltd had net cash and cash equivalent worth US$6.522 million. The estimated cash outflow in the Q2 FY2019 is US$1.613 million, where significant cash outflow is expected through Advertising and marketing along with the staff cost.

Since the company got listed on ASX, the shares of SPT have generated a return of 107.89%. At present, the shares of SPT closed at A$0.745 (7 June 2019), down by 5.696%. SPT holds a market cap of A$242.65 million and A$ 307.16 million outstanding shares.


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