Splitit, a BNPL service and solutions provider, has raised USD 50 million (~AUD 76 million) in funding from Motive Partners. The proposed investment consists of two USD 25 million tranches in exchange for the issuance and placement of new preference shares. Splitit's total funding now stands at USD 325.1 million.

The company planned to utilize the funds to support its business growth and execution of its strategic plans.

The first tranche of funding will be invested immediately upon approval of voluntary delisting from the Australian Stock Exchange (ASX) and redomiciling of the company from Israel to the Cayman Islands. Subsequently, the second tranche of funding will be invested upon achieving certain performance milestones such as target merchant sales volume, net transaction margin, and adjusted EBITDA, and meeting customary closing conditions.

Analyst QuickTake: Amidst a high interest-rate environment making it difficult to raise capital, Splitit’s USD 50 million fund raise comes alongside a few other BNPL companies raising funding such as France-based Defacto raising EUR 167 million (USD 183 million) in debt funding from CitiGroup , UAE-based Tabby increasing its debt facility up to USD 350 million , and UK-based Hokodo’s Series B extension funding over the past few months.