Private equity firm Motive Partners takes commanding ownership in Splitit, a payment solution company.
Motive Partners Invest $50 Million in Splitit Payments
Motive Partners, a leading fintech specialist, has committed $50 million to Splitit Payments Limited, a move that brings additional global payments expertise to the company.
The investment, announced on 16th August 2023, comes in two tranches of $25 million each. The first tranche was closed after shareholder approval on 13th November 2023, coinciding with the delisting of Splitit from ASX.
The delisting was due to the closing of the first $25 million, as part of a $50 million growth commitment from Motive Partners. The second tranche will be invested upon Splitit achieving certain 2023 full-year financial performance milestones.
The investment is in exchange for the issuance of new preference shares. This funding will be used to accelerate Splitit's growth and support the execution of its strategic plan.
Splitit is currently exceeding the 2023 full-year financial performance milestones, a testament to the company's strong performance. Nandan Sheth, Managing Director & CEO of Splitit, stated that the investment from Motive Partners strengthens the company's balance sheet.
Jeff Yabuki, Chairman and Founding Partner at Motive Partners, expressed his excitement about becoming a strategic investor in Splitit. He praised Splitit's unique approach to commerce innovation and strategic partnerships, stating that they will further unlock an attractive market.
Dawn Robertson, Chair of Splitit, commented that Motive is the ideal partner to support Splitit in creating long-term value. Blythe Masters, another Founding Partner at Motive Partners, was impressed by Splitit's evolution into the premier card-attached installments platform. She expressed her excitement for the opportunity to apply Motive Partners' expertise and resources to enhance Splitit's global growth trajectory.
For additional information, please refer to Splitit's ASX Announcement dated 16th August 2023. It is worth noting that Motive Partners acquired a control stake in Splitit Payments Limited in December 2023; however, specific names of other funds advised by Motive Partners as additional investors in Splitit are not detailed in the available search results.
This investment marks a significant milestone for Splitit Payments Limited, positioning the company for continued growth and success in the global payments industry.
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