Splitit Ltd (ASX: SPT) shares are currently up after the buy now, pay later business announced its September 20 quarter.
Splitit’s strong quarter of growth
Just like other buy now, pay later operators, Splitit is reporting strong growth.
Splitit reported that its merchant sales volume (MSV) grew 214% year on year to US$70.9 million for the quarter. Gross revenue increased by 318% to US$2.4 million.
Total merchants grew 117% year on year to 1,400 merchants. Total shoppers grew by 97% year on year to 362,000 total shoppers.
Splitit was pleased to report that self-onboarding is now live in the US after successful testing in the third quarter.
It reported that it added more than $3 billion in addressable online merchant sales with new brands including Specialized Bicycles, Echelon Fitness, The Hut Group, Bianchi Bicycles, Puffy, Tyresales and CrazySales.
One of the most exciting pieces of recent news was the partnership with QuickFee Ltd (ASX: QFE).
Splitit CEO Brad Peterson said: “As we head towards Q4, we are excited to report another record quarter with rapid growth. The continued uptick in MSV and addition of new customers is further proof that today’s shoppers are turning to Splitit to better use their own earned credit. Especially now, we are pleased to offer shoppers a responsible instalment payment solution, while at the same time, helping brands drive value by cost-effectively converting more site visitors into buyers.
“For this reason, we continue to see today’s most forward-looking companies choose Splitit to partner with. We are also seeing positive momentum for the option to self-onboarding through our partnership with Stripe.”
Summary
Splitit said that the fourth quarter has started very strongly. It’s doing very well at growing the business. Who knows how long it can maintain this growth rate? I don’t know, which is why I’m attracted to profitable ASX growth shares like Pushpay Holdings Ltd (ASX: PPH).
