Israeli-headquartered Splitit is heading for the ASX with a $10-12m initial public offer.

The company this week filed its prospectus with ASIC outlining an offer of 50 million to 60 million shares at 20c apiece.

Splitit specialises in cross-border “buy now, pay later” credit solutions minus the interest burden.

It enables instalment payments based on existing credit on consumers credit cards.

Over the past three years, the company has expanded into the United States, Europe, Australia and Asia and has more than 310 merchants in 25 countries.

Global non-cash transactions climbed 10.1 per cent during 2015-16 to reach $US482.6 billion

The “World Payments Report” forecasts global non-cash transaction volumes will grow at an annual rate of 12.7 per cent through to 2021.

Splitit is raising the cash to fund future growth opportunities and pave the way for a listing on the ASX.

The company is headed by co-founder Gil Don as managing director and CEO.

His background is in technology sales having worked as vice president of sales at We! and Ankor.

Mr Don was also regional sales manager, data protection solution at Dell EMC for four years, followed by country manager of Veritas, a large data tech company that services over 80 per cent of Fortune 500 companies.

Splitit’s IPO opens on December 18 and closes January 31.

The company aims to light up the boards on February 7 trading under the ticker “SPT”.

Download a copy of the prospectus.