Splitit (ASX:SPT) is a buy now, pay later (BNPL) platform that uses existing credit or debit cards as the layby funds with which to make online purchases, allowing customers to split costs into interest-free monthly payments.

Shares in the company treaded water between 50c and $1 for the better part of a year following its head-turning ASX debut in January 2019, where shares hit an all-time high of $2. Then, in mid-2020, the stock experienced an initial climb of 30 per cent on news of a partnership agreement with Mastercard.

Splitit processed $US70.9 million ($99.4 million) in merchant sales for the September quarter, up 8 per cent from the June quarter and up 214 per cent from a year ago. As of September 30, Splitit had 186,000 active shoppers, up 25 per cent from June and up 48 per cent from a year ago. It also had 1,400 merchants, up 31 per cent from June 30 and up 90 per cent from a year ago.

Splitit chief executive Brad Patterson said it was a “record quarter with rapid growth” for the company. Its merchant self-onboarding has now gone live in the US, following beta testing in the third quarter, with other markets to follow the fourth quarter and next.