Splitit share price surges on Google (Japan) partnership news
The stock hit an intraday high of $1.42 per share off the back of the news.
The Splitit (SPT) share price surged on Monday, January 11, after the company announced that it had partnered with Google Japan.
By a little past 11AM, Splitit traded over 10% higher off the back of that announcement, hitting an intraday peak of $1.42 per share. SPT closed out Monday’s session at $1.410 per share, a shade off that low.
The Google Partnership Unpacked
Under the just-announced partnership, Splitit’s installment payment plans are set to be rolled out across the Google Japan store – in a move that will help users purchase everything from Google's latest smart phone, suite of Nest products or even a Chromecast.
While a specific roll-out date was not given, the company noted that in the ‘coming weeks’, Google store (Japan) customers would be able to make use of Splitit’s installment-based payment solutions.
Commenting on this announcement, Splitit’s Chief Executive Officer, Brad Paterson said:
'This is one of the strongest case studies yet of our unique offering. We are working with Google in its effort to provide the best possible experience for its customers, and the seamless integration of Splitit into Google Store Japan means they never have to leave the platform.'
Looking ahead, Mr Paterson added that:
'This partnership marks the next phase in our expansion into Asia as we continue to grow our footprint with our global platform.'
Despite whipping the market into a bullish frenzy, the company cautioned investors in regards to the indeterminant materiality of the partnership, saying:
‘The materiality of the agreement with Google in Japan is unknown due to the variable nature of revenues which are dependent on customer uptake of specific products.'
Building off a strong December
The company made its last major update in December, announcing that it had notched up significant volume growth during the Black Friday sales week period.
While this trend was recorded by many in the Buy Now Pay Later industry, Splitit nonetheless reported impressive growth, notching up Merchant Sales Volumes of US$15.3 million between November 23-30, representing a staggering 216% increase on the prior corresponding period.
This growth was spread across all of Splitit's key markets, including North America, Europe and the Asian-Pacific region, bringing in customers from more than 77 countries.
At the time of that announcement, the company said it had over 410 thousand total shoppers and over 1,600 total merchants.
Looking ahead, Splitit is poised to release its next quarterly report ‘before the end of January’, providing the market with a more comprehensive view into its recent operational performance.
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