Since announcing record quarter results, Afterpay’s rival Splitit Payments Ltd [ASX:SPT] has soared by 800% following the six weeks since its ASX debut and continues to grow across its key performance metrics following its first quarter this year.
At the time of writing, Splitit’s share price is trading at $1.16, climbing 24.86%.
Splitit’s share price reflects performance
Splitit’s first quarter performance improved impressively this year, considering that the March quarter is usually sluggish when it comes to industry-wide sales.
The instalment payment company saw a 103% increase year-on-year (57 new Active Merchants), to bring the total (year-on-year) of Active Merchants to 437, operating in 27 countries.
Meanwhile, Merchant transactions were up 168%.
The 2019 Quarter results saw Splitit acquire 42,000 new shoppers, which put its Total Number of Unique Shoppers at the end of Q1 2019 to 16,000 — a quarterly increase of 36%.
Splitit’s share price 2019 outlook
As we move further into 2019, Splitit Payments is looking to continue its growth development.
Splitit has processed over 160,000 purchases with $128 million of Underlying Merchant Transaction, without incurring losses or bad debt during operating to date.
The company has also signed several high turnover merchants, which are set to go live in the second quarter of 2019.
Investors can expect that Splitit’s robust and low risk business model will continue to affect Splitit’s share price positively in future.
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