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- New strategic partnership provides entry into rapidly growing UAE and Saudi markets, estimated to be US$7 billion and US$11 billion in market size, respectively¹
- Expansion of technology to provide white-label offering accelerates growth opportunities and broadens future revenue streams
- Demonstrates complementary nature of Splitit solution in offering a credit card-based BNPL alternative for higher-value purchases
NEW YORK, June 28, 2021 /PRNewswire/ -- Splitit (ASX:SPT), the company empowering consumers to use their existing credit to spread payments over time, announced a partnership with tabby, the leading Middle East Buy Now Pay Later (BNPL) provider. tabby will integrate Splitit's instalment payment platform through a white-label solution to allow tabby's merchants to offer instalments on credit cards. The integration of Splitit will also allow tabby to expand its offering to new merchant categories and those with higher average order values.
tabby will integrate Splitit's technology into the tabby BNPL platform to seamlessly provide shoppers with an additional option to pay in instalments over time using their credit card. The integration to tabby's BNPL platform is expected to be completed by the end of Q3 2021.
tabby is the leading BNPL provider serving the United Arab Emirates (UAE) and Saudi Arabia, supporting more than 2,000 merchants, including Ikea, SHEIN, Marks and Spencer, adidas, and Toys R Us. In 2020, the eCommerce market was valued at US$11 billion in Saudi Arabia and US$7 billion in the UAE and is expected to double in size in the next five years.1 tabby offers a consumer financing option for shoppers to pay for items in four equal instalments and has a high-profile brand in the region. tabby integrates directly into merchant checkouts or POS systems and does not charge shoppers interest.
"This is a great partnership for us at tabby as it allows us to broaden our product offering to existing merchants as well as enter new verticals across the markets we serve," said tabby founder and CEO Hosam Arab. "Splitit has an elegant solution that will fit nicely within our product and complement our financing options for higher-value purchases."
"We are delighted to be partnering with tabby to expand their market-leading offering. We've always seen our solution as complementary to other BNPL providers, which this new exciting partnership with tabby highlights perfectly. Our global payments platform is the only solution leveraging credit card payment networks, with the flexibility to scale internationally without the need for major on-the-ground support," said Splitit CEO Brad Paterson.
"Having expanded our platform capability, we can now also offer white-label solutions as a way to enter new regions such as the Middle East by partnering with established players that already have a strong market presence. While we remain focused on further penetration of Splitit's branded product in the US, APAC and Europe, this provides a new low-cost, high-margin revenue stream which we can easily emulate in other markets," added Mr. Paterson.
To learn more about Splitit or to partner with Splitit, visit: https://www.splitit.com/partners/
About Tabby tabby is the Gulf Cooperation Council's (GCC) first Buy Now Pay Later solution with a mission to empower people to easily buy what they want, when they want, while remaining in control of their finances. tabby helps retailers across the UAE and KSA boost their sales by offering their customers flexible Buy Now Pay Later payment solutions. From its base in Dubai, tabby has plans to expand across the Middle East rapidly. For more information, visit www.tabby.ai
tabby integrates directly into merchant checkouts or POS systems, instantly providing consumers a way to pay for their purchases with only 25% of the transaction value paid at the time of purchase and the remainder automatically charged over three monthly instalments. tabby does not charge its customers any interest or fees as long as they pay on time and monetizes primarily by charging merchants a commission on sales generated via its platform.
About Splitit
Splitit is a global payment solution provider that enables shoppers to use the credit they've earned by breaking up purchases into monthly interest-free instalments using their existing credit card. Splitit enables merchants to improve conversion rates and increase average order value by giving customers an easy and fast way to pay for purchases over time without requiring additional approvals. Splitit serves many of Internet Retailer's top 500 merchants and is accepted by more than 2,000 e-commerce merchants in over 30 countries and shoppers in over 100 countries. Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia. The company is listed on the Australian Securities Exchange (ASX) under ticker code SPT.
Contact Information
Brian Blank
Splitit
brian.blank@splitit.com
+1 760 917 3321
1 Source: Kearney Analysis
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