US-focused Splitit differs from other buy now, pay later players because it lends on credit, rather than debit cards. The debit card model is predominantly employed by Afterpay and Sezzle in the US.
Splitit said post-integration a client of a professional services firm will be able to use QuickFee’s platform to select an interest-free instalment payment option, with no new applications required as the client must use an existing credit balance.
QuickFee’s chief executive Bruce Coombes said: “Having already achieved strong acceptance among professional services firms with our online payment portal and existing lending solutions, this new interest-free product allows QuickFee to capture a significantly greater share of the professional services market.”
Splitit boss Brad Peterson said the economic materiality of the deal from Splitit’s perspective is uncertain, due to the contingent nature of results generated.
In financial 2020, QuickFee more than tripled its net loss to $3.8 million on revenue up 47 per cent to $8.5 million. Splitit’s net loss more than doubled to $US9 million for the six months to June 30, with revenue up 220 per cent to $US2.6 million.
On Wednesday, Splitit shares added 2.6 per cent to $1.59, with QuickFee last closing at 64¢ on Tuesday before being halted.