Splitit lets shoppers split a purchase into equal installments using their existing credit card, placing a temporary hold for the full amount and debiting the card on a set schedule. Merchants receive the full payment upfront and incur no credit risk, while consumers keep their card rewards, fraud protection, and credit score unchanged. The service integrates via APIs and SDKs and offers a fee‑free retail plan or an optional financing plan with disclosed charges.
Funding
$25M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
MPFounders
Product
Problem
Consumers who want to spread the cost of a purchase over time often must apply for a new line of credit or a separate loan, which introduces lengthy approvals, credit checks, and the loss of existing credit‑card rewards and protections.
Solution
Splitit enables shoppers to convert a single transaction into a series of equal, scheduled payments while continuing to use their current credit card. The platform places a temporary authorization for the full purchase amount, confirming sufficient available credit before any installment is charged. Each month (or bi‑weekly) the card is debited for the predefined installment amount, and the merchant receives the full payment upfront. Because the underlying credit line remains unchanged, users retain points, cash‑back, fraud liability coverage, and other card‑issued benefits. Splitit offers two plan types: a fee‑free Retail Plan that follows the card issuer’s standard terms, and a Splitit Financing Plan that adds a transparent finance charge disclosed at checkout. The solution integrates directly into merchant checkout flows via APIs and SDKs, requiring no additional hardware or consumer registration steps.
Target Audience
The primary customers are online and brick‑and‑mortar merchants seeking to offer installment payment options without assuming credit risk, and consumers who prefer to maintain their existing credit‑card rewards and protections while paying over time.
Features
- Real‑time authorization hold on the shopper’s credit card to verify full purchase amount without creating a new credit account
- Automated installment scheduler that debits the card on a configurable monthly or bi‑weekly cadence until the balance is cleared
- Dual‑plan offering: fee‑free Retail Plan (card issuer terms apply) and optional Splitit Financing Plan with disclosed finance charge
- Merchant integration toolkit (REST API, JavaScript SDK, and plugin extensions for major e‑commerce platforms) for seamless checkout embedding
- Support for major card networks (Visa, Mastercard, American Express, Discover, UnionPay) with PCI‑DSS compliant data handling
- Transparent consumer dashboard showing upcoming payment dates, remaining balance, and any applicable finance charges
- No credit‑check or hard inquiry; Splitit does not report installment activity to credit bureaus, preserving the shopper’s credit score
- Built‑in fraud detection and transaction insurance leveraging the issuing bank’s existing security mechanisms