Private equity firm Motive Partners has acquired a controlling stake in Australian-listed BNPL outfit Splitit Payments.
Splitit offers a white-label, fully-embedded payments technology platform allowing customers to pay via card-attached installments using their existing card at checkout without increasing their total credit exposure,
The firm has now moved off-exchange and redomiciled from Israel to the Cayman Islands upon closing of the first US$25 million of a US$50 million growth commitment from funds advised by Motive Partners.
The second US$25 million tranche will be invested upon Splitit achieving certain 2023 full-year financial performance milestones, which the company says it is currently on track to exceed.
The cash injection will give the one-year old firm a longer capital runway as it pursues its strategy to become profitable. By partnering with Motive the company is also expecting to benefit from the fintech VC's expertise and industry network.
Dawn Robertson, chair of Splitit, comments: “We are delighted to close Motive’s first round of growth investment. As a world-class private equity sponsor with significant capital, extensive payments expertise, value-additive capabilities, and deep industry relationships, Motive is the ideal partner to support Splitit in creating long-term value.”