Splitit (ASX:SPT) share price higher on BNPL network partnership

Shares in the BNPL player have lifted on news of a new partnership.
The post Splitit (ASX:SPT) share price higher on BNPL network partnership appeared first on The Motley Fool Australia. –

The Splitit Ltd (ASX: SPT) share price has been a positive performer on Wednesday after the US-based buy now, pay later (BNPL) company announced a new partnership.

At the time of writing, the Splitit share price is 3.28% higher to 63 cents.

Splitit joins the ChargeAfter network

ChargeAfter is a network of global lenders and retailers that offers BNPL and point-of-sale financing to customers, both online and in-store. Its platform delivers the most relevant financing options to its customers at checkout from its pool of lenders based on credit type.

Through this partnership, merchants using ChargeAfter can now offer their customers Splitit services. The announcement highlights that Splitit will be the first financing-free installment payment option on the platform.

Splitit believes this will offer customers a more “flexible way to leverage the hard-earned credit on their existing credit cards to spread payments out over time”. The service also means customers can continue to earn rewards points or other benefits from their credit cards.

For merchants, Splitit says that its services help lift key spending metrics of higher-value customers. The update mentions that the company has an average order value of over $1,000, or more than four times most other BNPL alternatives.

Splitit CEO Brad Paterson commented:

Not every consumer is looking to open a new line of credit for the purchase and just want a smarter way to use the credit they have already earned. We serve this type of shopper by giving them the flexibility to use their existing credit cards to spread payments over time without additional fees.

A rough 12 months for the Splitit share price

The Splitit share price has shed more than 70% in value since its September 2020 highs of $1.93.

Most of its underperformance came about during February and March this year, when leading players such as Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) began to sell off.

The post Splitit (ASX:SPT) share price higher on BNPL network partnership appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Why the Afterpay (ASX:APT) share price is up 10% this week
ASX 200 falls below 7,000, Xero sinks, Afterpay falls

What’s driving the Afterpay (ASX:APT) share price to 8-month lows?
Why is the Zip (ASX:Z1P) share price down 11% so far this month?

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!