Investsmart Article, page-11

From today’s podcast ....

It’s a great product , like afterpay but chasing the bigger end of the market as well as the small end

For example I go to Prada and buy a handbag for the mrs , it’s 5k instead of using up the credit limit on my card , or paying cash to avoid interest , I can choose to pay 1k over 5months all interest free ,

As I pay each month my card limit moves up to what it was , for instance after three months I have paid 3k, still 2k outstanding, on my credit card it will show 2k waiting for authorisation,

You can use there product to buy a car , or a Rolex watch , there avaerage per transaction is about $1000 ,
There income is 2% on each transaction ,
There burn rate is atm about 350k a month
Burn rate will be about 750k come December
They have 400 active merchants (1000 all up)
Splitit will start experiencing exponential growth ,looking forward to the next few quarter reports

This is going to become the paypal of instalment payments ,

It’s like afterpay but splitit is a b2b2c business, where aft is a b2c business model

Splitit has zero liabilities to all loans , there security is the authority on your debit or credit card

It’s a tool to manage your credit card and avoid interest