The Splitit Ltd (ASX: SPT) share price is trading flat this morning despite announcing a new market entry. Here’s what the company said.
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After falling lower at the open, the buy now, pay later (BNPL) company’s shares have regained ground and are back to their opening price of 74 cents at the time of writing.
What did Splitit announce?
In this morning’s release, Splitit advised it has expanded into the Japanese market with the launch of its services on the Google Store. Customers are now able to use instalment plans to make purchases.
In addition, the company noted that Japanese customers who bought selected Google-operating phones could now use Split’s payment options. This allows customers to turn their payments into equal monthly instalments on their linked credit card. The offer includes Google’s new 5G phone, the Pixel 5, or Nest products and Chromecast streaming devices.
Splitit could not provide any indication on what revenue it would likely receive from its offer. This was due to the unpredictable variable of customer uptake on specific Google products.
Words from management
Splitit CEO Brad Paterson touched on the company’s geographical expansion, saying:
I’m excited to announce that Splitit is now live in Google Store Japan, providing the best possible experience for Google Japan’s customers.
The seamless integration of Splitit in the Google platform means shoppers never have to navigate away from the Google site to complete their transaction when using Splitit. Even more significantly, Splitit allows shoppers to make instalment payments on their existing credit cards without incurring additional debt or fees.
Splitit share price in review
The Splitit share price has gained more than 100% over the past 12 months but fallen more than 40% year-to-date. The company’s shares have been treading significantly lower since the beginning of February.
Splitit commands a market capitalisation of roughly $338 million, with 456.7 million shares outstanding.
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Motley Fool contributor Aaron Teboneras owns shares of Splitit Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.