Israeli global payment solutions provider Splitit Payments Ltd. (ASX: SPT) has announced the signing of a multi-year agreement with international credit card giant Mastercard Inc. (NYSE:MA) to accelerate the adoption of Splitit’s installment solution around the world. Following news of the agreement, Splitit's share price rose 108% on the Australian Securities Exchange to A$1.38, giving a market cap of A$233 million (NIS 552 million).
Splitit was founded by Gil Don and Alon Feit and is today managed by CEO Brad Paterson. The company held its IPO on the ASX in January 2019 and is considered one of the most successful Israeli companies traded in Australia. The share price strengthened greatly after its IPO but subsequently fell back somewhat and even after its latest gain has not returned to its peak.
In the five year agreement, Splitit will leverage Mastercard’s network of partners to extend and scale installment functionality to consumers and merchants.
Paterson said, "We are very excited to be partnering with Mastercard who share our strong commitment to accelerating the adoption of instalment payments globally. This is a fantastic way to broaden the distribution of our solution, leveraging Mastercard’s incredible global reach, and build out a range of installment services. It’s a major plank in our strategy to grow through strategic partnerships to make Splitit a household name."
"This partnership with Splitit will help to drive higher transaction volumes for businesses and deliver budgeting solutions in the moment consumers are seeking them," said Mastercard EVP global merchant solutions and partnerships Zahir Khoja. "Our network and global reach, alongside Splitit’s solution, aligns with our commitment of providing choice, control, and simplicity to consumers and businesses. Consumers walk away with payment options and businesses get paid in full, building consumer loyalty."
Published by Globes, Israel business news - en.globes.co.il - on June 18, 2020
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