Fintech startup Split on Wednesday announced that it received an undisclosed amount of seed funding from 500 Startups. The round was also participated by angel investors, including Louise Daley, deputy CEO of AccorHotels Asia Pacific who joined Split’s board of directors.
Split’s co-founder and CEO Dylan Tan said that the funding came amid shifting consumer spending behaviors due to the COVID-19 pandemic. “COVID-19 has brought enormous economic uncertainty, what means that consumers are more mindful of the money they spend and businesses can’t keep offering unsustainable discounts,” Tan added. “Split bridges that gap by making purchases affordable for consumers so businesses don’t have to slash prices.”
The company, which focuses on the Singaporean and Malaysian markets, provides the buy-now-pay-later service to businesses and customers. Partnering with Split gives companies the ability to offer their customers the choice to pay in installments via online, offline, or social commerce transaction with any debit or credit cards. Split says it doesn’t charge customers interest, late fees, or hidden fees.
Founded in 2018 by Tan and Vishvesh Suriyanarayanan, the startup now works with a wide variety of brands across Malaysia and Singapore. It started offering its installment payments in the travel industry, and in 2020, expanded to include consumer goods and other services.
The startup has amassed more than 30 store partners, including RacunTech, fitness fashion label MKLZ Collection, the Malaysian Apple-reseller Switch, streetwear brand Dr Mister, leading wine importer Straits Wine Company, and regional travel aggregator Easybook.