Splitit review: Costs, features and what to be careful of, page-16

What’s the story behind Splitit’s sudden success?

https://www.moneymorning.com.au/20190308/why-splitit-has-made-a-490-splash-since-january.html/amp

The IPO attracted several high-end retailers, with many merchants coming onboard.

The number of merchants connecting to the service grew from 205–380 last year, while the total number of shoppers increased by 293%. Total transactions increased by 253% to $80.2 million.

The company experienced growth throughout key metrics, with revenue for 2018 reaching $789,920 from $260,409, up 203%. This is set against a 22% increase in operational costs.

Perhaps a significant factor in Splitit’s quick success is the appointment of Andrew Pipolo — a former veteran of Afterpay, Mastercard, and Samsung Pay — as the new leading executive for the Asia Pacific region.