Splitit payment platform to go live on Kogan.com in ‘coming days’
Buy Now Pay Later business Splitit has signed up Kogan.com as the first major Australian retailer of its instalment payment service.
Afterpay rival Splitit (ASX: SPT) has unveiled its first deal with a major Australian retailer, agreeing to provide its instalment payment service to online customers of Kogan.com (ASX: KGN).
The Buy Now Pay Later (BNPL) business today told the market its platform is expected to go live on the Kogan.com website in the “coming days”.
The company has been growing its presence in the Asia Pacific region, announcing a partnership with EFTPay less than a month ago to offer its payment solution to Hong Kong and Macau merchants.
Its new partnership with Kogan.com strengthens this growth and aligns with Splitit’s strategic vision to partner with Australia’s largest retailers.
“Kogan.com is one of Australia’s largest online businesses, with an active customer base of well over 1.5 million customers,” Splitit chief executive officer and co-founder Gil Don said.
“We are seeing strong interest from major retailers around the world in offering our unique payment solution to their customers and it is great to have e-commerce platforms such as Kogan.com on board,” he added.
What is Splitit?
Bursting onto the ASX with a heavily oversubscribed IPO at the start of this year, Splitit rivals other BNPL giants like Afterpay (ASX: APT) and Zip Co (ASX: Z1P).
It operates a similar business model, enabling customers to purchase goods with an existing debit or credit card by splitting the cost into interest and fee-free monthly payments.
The platform offers instant approval with no required credit checks, applications or registrations.
An online giant
Kogan.com was born from Rich Lister Ruslan Kogan about 13 years ago and was bolstered significantly by the acquisition of Dick Smith’s online business in 2016.
It is now one of Australia’s largest online businesses, expanding from its original retail model to add mobile and internet services, insurance, cars, travel and a recently-launched marketplace platform.
Mr Kogan said he was excited to offer Splitit’s payment platform to Kogan.com customers in Australia, “who will now have more flexibility in paying for their purchases”.
“Kogan.com is focused on making the most in-demand products and services affordable and accessible for Australians,” he said.