Splitit shares surge 20% on 800,000+ merchant opportunity

Splitit today announced a blockbuster agreement with the global e-commerce giant Shopify, that will see the company’s buy now pay later (BNPL) solution integrated with Shopify's platform.

Splitit’s share price action

Growth has always been the name of the game; or at the very least, the prospect of it.

In that vein, a blockbuster announcement from the fast-moving, ASX-listed fintech Splitit (ASX: SPT) has seen its share price soar by as much as 20% today.

Specifically, Splitit today reported that it had, 'signed an agreement with eCommerce platform Shopify to make available Splitit's Buy Now Pay Later (BNPL) solution to Shopfiy's network of more than 800,000 merchants across 20 countries.'

The company continued, pointing out that:

'Splitit's technology-based solution has been integrated with Shopify's platform and is now listed directly inside Shopify as an integrated payment gateway.’

For reference, the approximately $37bn Shopify has rose to fame in recent years, bolstered by intuitive design and the simple proposition of helping customers (with no technical expertise) build an online store.

Combine these stores (read 800,000 plus Shopify merchants) with Splitit’s BNPL solution, and today’s share price bump should come as little surprise.

In response to this announcement, Head Trader and Founder of Asenna Capital, Assad Tannous, tweeted that:

‘The announcement could be a company maker. When they announce deals with big companies they usually get a lot of media attention.’

There’s more, mind you. Splitit also announced that it had reached an agreement to partner up with the finance platform Divido. Though with a less significant user-base of approximately 1,000 merchants, banks and other partners – this move still speaks to Splitit’s growing presence on a global scale.

Finally, the company also pointed out that it had secured partnerships with a number of established brands in North America. Included among these are: Chili Technology and Eight Sleep, BlueFly, Ashford, Nili Lotan and Ace Marks.

As of 16:47 AEST, Splitit’s share price traded for A$0.70, a far cry from its all-time-high of A$2.00.

CEO comments

Speaking of today's potentially ‘company making’ agreement with Shopify, Brad Paterson, Splitit’s current CEO, noted that:

'These new agreements are in line with our strategy of building both our base of active merchants in key verticals and scaling through strategic partnerships. North America has become our largest region and represents our most significant growth opportunity.'

Funnily enough, Splitit (ASX: SPT) didn’t earmark today’s media release as price sensitive.

Surely a typo.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.