Motive’s US$50 million commitment is comprised of two US$25 million tranches in exchange for the issuance of new preference shares
Motive Partners acquires control stake in Splitit. (Credit: Towfiqu barbhuiya on Unsplash)
Splitit Payments Limited (“Splitit” or the “Company”) (ASX:SPT), the white-label, fully-embedded payments technology platform allowing customers to pay via card-attached installments using their existing card at checkout without increasing their total credit exposure, announced today that it has voluntarily delisted from ASX upon its closing of the first US$25 million of a US$50 million growth commitment from funds advised by Motive Partners (together with its affiliates, “Motive”). These funds will be used to accelerate Splitit’s growth and support the execution of its strategic plan.
Motive’s US$50 million commitment is comprised of two US$25 million tranches in exchange for the issuance of new preference shares. The first US$25 million tranche
closed yesterday after Splitit received overwhelming shareholder approval on 13th
November 2023 for (1) the voluntary delisting of the Company from ASX, and (2) the
redomicile of the Company from Israel to the Cayman Islands by means of a share-exchange accomplished through a merger. The second US$25 million tranche will be
invested upon Splitit achieving certain 2023 full-year financial performance milestones
(which Splitit is currently exceeding)1 and the satisfaction of certain other closing conditions. For additional information, please refer to Splitit’s ASX Announcement dated 16th August 2023.
Dawn Robertson, Chair of Splitit, commented, “We are delighted to close Motive’s first round of growth investment. As a world-class private equity sponsor with significant capital, extensive payments expertise, value-additive capabilities, and deep industry relationships, Motive is the ideal partner to support Splitit in creating long-term value.”
Nandan Sheth, Managing Director & CEO of Splitit, added, “Attracting a strategic investor of this caliber is a testament to the quality of our team and our unique, innovative offering. Motive’s investment significantly strengthens our balance sheet and brings additional global payments expertise, allowing the team to accelerate our white-label product strategy, product innovation, and our Tier One global distribution partnerships.
Source: Company Press Release