Payment Company Splitit Raises $20.7 Million in Private Placement

Sydney-listed payment company Splitit Payments Ltd. has raised 30 million Australian dollars ($20.7 million) in a fully committed placement, the company announced Tuesday. Splitit said it will use the funds to expand its sales and research and development teams and accelerate its growth. Splitit is also looking to raise an additional 10 million Australian dollars ($6.9 million) via a share repurchase plan. The company raised $8.6 million in its January initial public offering.

Originally founded in Israel in 2012 and still operating a research and development center in the country, Splitit is headquartered in New York with additional 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.