CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Splitit share price: Implications of the QuickFee partnership

We look at the details behind the Splitit-QuickFee partnership.

Splitit share price rises on QuickFee partnership news

Splitit (ASX: SPT) saw its share price rise on Thursday after announcing it had partnered with QuickFee (ASX: QFE), in a move that would see its installments payment product directly integrated with QuickFee’s payments platform.

Under this partnership, Splitit's installment payments solutions will be available to the more than 1,000 professional services firms currently using QuickFee – available in both Australia and the United States.

Looking at the mechanics of this partnership: after a company has sent a client an invoice through the QuickFee platform, a client would be able to select Splitit as a payment option, providing them with the functionality to pay their invoice over four installments.

According to QuickFee this provides clients with both a low cost and low risk financing solution.

Quantifying the size of the opportunity entailed by this partnership, Splitit noted that QuickFee recorded some US$300 million in payments volume across fiscal 2020.

The Splitit share price rose modestly on this news, up 2.26% as of 11:03 AM – to $1.58 per share.

Management commentary

Commenting on the nature of the partnership, Splitit's CEO, Brad Paterson said:

'QuickFee has a first mover advantage in the US and Australian professional services market, and we are delighted to partner with them to help people pay their professional services invoices conveniently over time.'

Bruce Coombes, the CEO of QuickFee, by comparison said: 'This new interest free product allows QuickFee to capture a significantly greater share of the professional services market by providing payment plans to clients of smaller firms, by far the largest part of the market, that we would not normally service.’

QuickFee, in a separate announcement to the ASX, said that the move into the interest free product space increases the company’s US target market by 2,500% and its Australian target market by 560%.

QuickFee share price in halt pending capital raise

In step with today’s partnership announcement, QuickFee revealed that it would be looking to raise up to $17.5 million – made up of a $15.0 million placement and a $2.5 million share purchase plan (SPP).

The company noted that this raise was aimed at accelerating growth and assisting with the roll-out of the new interest free offering – that is and in part, to cope with the likely expansion of QuickFee’s receivables book.

Bell Potter is acting as the lead manager for the raise.

Though QuickFee's stock is currently in a trading halt pending the completion of the capital raise – the stock last traded at 64 cents.

YTD QuickFee has performed strongly, rising 88% in that period.

The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

Act on share opportunities today

Go long or short on thousands of international stocks with CFDs.

  • Get full exposure for a comparatively small deposit
  • Trade on spreads from just 0.1%
  • Get greater order book visibility with direct market access

See opportunity on a stock?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Trade a huge range of popular stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See opportunity on a stock?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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.