Splitit
Card-linked installment payment technology plugging into existing merchant checkouts.
On the record
Checkpoint: First 12 months of DXC Hogan bank-core partnership traction check
The call
Splitit sits between banks that now build installments themselves and an AI checkout layer that may not ask for it at all, with no public financials since its 2023 delisting.
Splitit is a small company that works with Visa and Mastercard to let shoppers pay for things in pieces instead of all at once. The problem is that Visa, Mastercard, and banks like Chase, American Express, and Citi have all built their own versions of the same thing directly into their cards, so customers do not need Splitit anymore. Splitit is also very small (only about 800 stores use it) and has not shared its financial results publicly since late 2023. The one thing that could save it is if it finds a way to work with a big retailer or payment processor, but so far there are no signs that is happening.
Why
01
AI pressure: Agentic checkout systems (Visa/Mastercard agent protocols, AI shopping agents). If AI agents pick payment methods automatically, Splitit's placement inside checkout could get skipped entirely. Could AI do the core job? Yes, likely.
02
Bigger players: Visa, Mastercard, JPMorgan Chase (My Chase Plan), Amex Plan It, Citi Flex Pay. Card networks and issuers now offer native installment plans, removing the reason merchants needed a separate layer like Splitit. Could a giant copy it? Yes, easily.
03
What protects it. Existing merchant integrations and a bank-core partnership with DXC/Hogan give it a channel into banks that haven't built their own tool yet.
What would change this call
Whether Splitit confirms the second $25M Motive Partners tranche within the next year. Silence would suggest funders see weak growth prospects.
Whether DXC/Hogan bank-core partnership produces named bank clients or revenue disclosure by mid-2027. Would show whether this channel is converting into real recurring revenue.
Whether Visa or Mastercard expand native installment programs with major issuers in the next year. Would show the card networks absorbing the function Splitit provides.
Whether DXC/Hogan bank-core partnership produces named bank clients or revenue disclosure by mid-2027. Would show whether this channel is converting into real recurring revenue.
Whether Visa or Mastercard expand native installment programs with major issuers in the next year. Would show the card networks absorbing the function Splitit provides.
Key numbers
- Non-GAAP revenue was $8.4M in FY2020
- ~800 merchants across 20+ countries
- ~75% of revenue comes from merchant fees
Named risks
- Card networks and issuers now ship native installment products, removing Splitit's structural reason to exist.
- No public financial filings since December 2023 delisting leaves revenue and profitability unverifiable.
- Motive Partners preference shares rank ahead of common/employee equity in any liquidation.
- Agentic commerce could move payment-method choice upstream of checkout, bypassing Splitit entirely.
- Prior deceptive-advertising consent order (California DFPI, Feb 2023) signals ongoing lending-compliance exposure.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Visa Installments / Mastercard Installments | losing to | Mastercard expanded its US Installments Program natively on card rails, October 2024 |
| Chase, Amex, Citi issuer installment programs | losing to | My Chase Plan, Amex Plan It and Citi Flex Pay let cardholders split existing credit natively, no middleware needed |
| Klarna | losing to | Ranked 10th of 10 vs Klarna's ~119M users and $127.9bn 2025 GMV, per FinTech Magazine, July 2026 |
| DXC Technology (as distribution partner) | gaining on | October 2025 deal embeds Splitit in Hogan core-banking platform, vendor-claimed 300M+ accounts reach |
| Google agentic commerce ecosystem | contesting | Joined Google's Universal Commerce Protocol March 2026 to stay relevant as AI agents pick payment methods |
Questions people ask
- Is Splitit still a publicly traded company?
- No. Splitit voluntarily delisted from the ASX on December 13, 2023 after Motive Partners' $50M preference-share investment closed, and it redomiciled from Israel to the Cayman Islands as a private company.
- Who owns Splitit now?
- Motive Partners holds a controlling stake, acquired via a $50M investment in two $25M preference-share tranches announced August 2023 and closed December 12, 2023. A Motive managing director, Chris Williams, sits on Splitit's board.
- Is Splitit profitable?
- Unknown. Splitit has filed no public financials since its December 2023 delisting. The last confirmed figure was $8.4M non-GAAP revenue in FY2020, up 300% year over year; no profitability data has been disclosed since.
- How does Splitit compare to Klarna?
- Poorly by scale. FinTech Magazine's July 2026 ranking placed Splitit 10th of 10 BNPL providers, while Klarna reported roughly 119 million active users and $127.9bn GMV in 2025, according to the same source.
- Could AI agents replace Splitit at checkout?
- It's a live risk. A PYMNTS/Splitit-commissioned June 2026 survey found 61% of US consumers would let an AI assistant pick their Pay Later option, prompting Splitit to join Google's Universal Commerce Protocol in March 2026 to stay integrated in agentic shopping.
- Who are Splitit's biggest competitors?
- Card networks and issuers now ship native rivals: Visa Installments, Mastercard Installments, Chase's My Chase Plan, Amex Plan It, and Citi Flex Pay all replicate Splitit's core card-linked installment pitch directly on the rails Splitit rents.
Timeline
- 2026-03Launched Splitit Go for in-person sales and joined Google's Universal Commerce Protocol
- 2025-10Partnered with DXC Technology to embed installments in Hogan core-banking platform
- 2025-08-14Announced plans for additional major mobile-wallet integration beyond Samsung
- 2025-07-24Launched in-store installments via Samsung Wallet, first NFC/mobile-wallet deal
- 2025-04-02CEO Nandan Sheth says ~75% of revenue comes from merchant fees, not consumers
- 2023-12-13Completed voluntary delisting from ASX after shareholder approval
- 2023-12-12Motive Partners closed first $25M tranche, took controlling stake
- 2023-08-16Announced planned $50M Motive Partners investment and ASX delisting
- 2023-02-22California DFPI issued consent order over deceptive interest-free ad claims
- 2019-01Splitit IPO'd on the ASX under ticker SPT
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Splitit Goes Private, Motive Partners Acquires Controlling Stake (2023-12-12)
- Motive Partners Acquires Control Stake In Splitit (2023-12-12)
- Splitit draws $50M investment, plans ASX delisting (2023-08-16)
- Splitit 2020 Annual Report (2021-02-26)
- Splitit Share Price, Forecast & Financials (ASX:SPT) (2024-02-01)
- Fragmentation Helps Pay-Later Firms Simplify Consumer Credit (2025-04-02)
- $10.9M Est. ARR (Bootstrapped) (2024-12-19)
- Samsung Wallet Launches In-Store Installment payments Through Splitit (2025-07-24)
- Splitit: Employee Directory
- Splitit Careers, Perks + Culture
- Splitit - $298M Raised - Reviews & Alternatives (2026-06-26)
- Q1 FY20 Investor Update