Fintech Startup Splitit Raises $8.5 Million on Australian IPO

New York-headquartered payment company Splitit Ltd. has raised 12 million Australian dollars ($8.6 million) on its initial public offering on the Australian Securities Exchange, the company announced Tuesday. The company listed under the ticker SPT.

Founded in 2012 in Israel, Splitit has a research and development center in the country and offices in London. The company offers users an interest-free way to spread out their payments at checkout using an installment payment plan and up to two credit cards. The company stated it will use the IPO proceeds to expand its market reach. Splitit previously raised $10 million according to Crunchbase.