Splitit share price surges 7% higher on Kogan partnership news

The Splitit Ltd (ASX:SPT) share price has zoomed higher this morning after announcing a partnership with Kogan.com Ltd (ASX:KGN)…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In morning trade the Splitit Ltd (ASX: SPT) share price has surged higher following the announcement of a key new partnership.

At the time of writing the payments company's shares are up over 7% to 67.5 cents.

What was announced?

This morning the company announced that it has signed an agreement with ecommerce company Kogan.com Ltd (ASX: KGN) to provide its instalment payment solution for online purchases in Australia through the Kogan.com website.

When the Splitit solution goes live on the Kogan website in the coming days, it will become the first major Australian retailer to adopt the platform.

Though it won't be the first buy now, pay later option on the website. At present Kogan.com already offers its customers the option to pay by both Afterpay Touch Group Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P).

The company advised that the partnership with Kogan is aligned with its strategic vision of partnering with Australia's largest retailers and providing consumers with a frictionless way to pay for purchases in interest-and-fee-free monthly instalments using their existing credit cards. Customers receive instant approval, without the need for credit checks, application, or registration.

Splitit's CEO and Co-Founder, Gil Don, appeared to be very pleased with the agreement.

He said: "Kogan.com is one of Australia's largest online businesses, with an active customer base of well over 1.5 million customers. It is the first major retailer in Australia to partner with Splitit, signaling our growth in the Asia Pacific region. We are seeing strong interest from major retailers around the world in offering our unique payment solution to their customers and it is great to have ecommerce platforms such as Kogan.com on board."

Kogan.com's founder and CEO, Ruslan Kogan, also spoke positively about the partnership.

He said: "Kogan.com is focused on making the most in-demand products and services affordable and accessible for Australians. We are excited to be able to offer Splitit's innovative solution to our customers in Australia, who will now have more flexibility in paying for their purchases."

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Capricorn Metals, IDP Education, Life360, and Opthea shares are storming higher

These shares are having a good session on Tuesday. But why? Let's find out.

Read more »

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Share Gainers

Why Block, DroneShield, EBR Systems, and Insignia shares are racing higher

These shares are starting the week on a high. But why?

Read more »

Two lab workers fist pump each other.
Healthcare Shares

Guess which All Ords ASX healthcare stock just surged 11% on FDA news

Investors are sending the ASX healthcare stock soaring on Monday.

Read more »

a man sits on a rocket propelled office chair and flies high above a city
Technology Shares

DroneShield share price rockets 9% on 'significant' new contract

ASX investors are sending the DroneShield share price flying higher on Monday.

Read more »

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Share Gainers

Why Cettire, Gold Road, Imugene, and Paladin Energy shares are racing higher

These shares are ending the week with a bang. But why? Let's find out.

Read more »

A woman wearing headphones looks delighted and animated on news she's receiving from her mobile phone that she is holding close to her face.
Share Gainers

Why Brainchip, Fortescue, Mesoblast, and QBE shares are racing higher today

These shares are starting the year in a positive fashion. But why?

Read more »

Multiracial happy young people stacking hands outside - University students hugging in college campus - Youth community concept with guys and girls standing together supporting each other.
Share Gainers

These were the 5 best performing ASX 200 shares in 2024

Let's see why these shares delivered massive returns last year.

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

These were the best ASX 200 shares to own in December

Let's see why these shares outperformed the market in December.

Read more »