Afterpay Rival ‘Splitit’ Signs On Kogan
Buy-now-pay-later platform and Afterpay rival, Splitit, has signed Kogan.com as its first major Australian retailer, rolling out to customers this week.
The ASX-listed entity offers customers instant approval, without the need for credit checks, application or registration.
With Splitit, customers can pay for purchases with an existing debit or credit card, by splitting the cost into interest-and-fee-free monthly payments.
“We are excited to be able to offer Splitit’s innovative solution to our customers in Australia, who will now have more flexibility in paying for their purchases,” claims Kogan.com CEO and Co-Founder, Ruslan Kogan.
“We are seeing strong interest from major retailers around the world in offering our unique payment solution to their customers and it is great to have ecommerce platforms such as Kogan.com on board,” remarks Splitit CEO and Founder, Gil Don, in an ASX statement.
Splitit claims to aid merchants by prompting lower cart abandonment rates, increased sales and average order values.
The news comes after Afterpay shares slumped last week, following the entry of VISA into the buy-now-pay-later market.
Splitit’s HQ resides in New York and currently boasts a global presence of 27 countries, across over 500 merchants.
The company also has offices in London and Australia, alongside an Isreal R&D centre.
Shares in Splitit are currently trading flat to 62.5 cents.