Splitit hires an ex-PayPal exec to head its Asia Pacific strategy
Investors could be forgiven for getting a little overexcited when they viewed payments platform Splitit (ASX:SPT)‘s latest announcement this morning.
Splitit wrote that it had appointed “former PayPal MD” to lead its Asia Pacific strategy. And it had — Andrew Pipolo was managing director of PayPal Australia from 2004 to 2009 and PayPal Japan from 2009 to 2011. But not managing director of the entire group.
Still, a more than handy appointment for the fledgling fintech company, which boasted more than 310 merchants in 25 countries as it launched a $12 million float late last year.
Mr Pipolo will lead Splitit’s Australian and Asia Pacific growth strategy. Shares in the company rose 15 per cent on the news to 85c.
Mr Pipolo has extensive experience in Asia Pacific growth strategies. Aside from establishing PayPal Australia and Japan in the previous decade, he has also been the Asia Pacific director at LoopPay (now Samsung Pay) and VP of merchant acceptance Asia Pacific for MasterCard.
He was effusive in his praise for Splitit, which ensures it gets its money by taking your credit card details at the point of purchase and enables instalment payments based on existing credit on that card, saying the company was “the only solution of its kind”.
“Whether it is Australia, New Zealand, Singapore, Japan, China or any other country in the region, we can offer merchants and shoppers something no one else can,” he said.
“I have been fortunate enough to have helped grow some of the most successful payment solutions in the world, and I am excited to have the opportunity to put that knowledge and experience to work with Splitit.”
The company’s shares are up 330 per cent on the offer price in the IPO, which was the first of 2019.