An Israeli-founded tech firm that helps split bill payments and purchases into monthly installments has moved its global headquarters to Atlanta.
The move puts Splitit at the center of the payment processing universe, as more than 70 percent of debit and credit card swipes in the U.S. are processed by firms with a substantive presence in the city. This record has led some to dub Atlanta “Transaction Alley,” and even as the fintech ecosystem matures, payments is still its bread and butter. The company previously was based in New York but moved to “support the company’s new strategic direction.”
Atlanta’s Dan Charron, former chair of global business solutions Fiserv, joined Splitit’s board of directors in July. New CEO Nandan Sheth is also an Atlanta-based Fiserv veteran who founded and ran software authentication firm Acculynk from here.
Splitit is one of many startups in the burgeoning “buy now, pay later” space, which has boomed in recent years, particularly as companies like Klarna, Affirm and Afterpay have brought installments to the world of online commerce, riding their offerings to soaring valuations.
Splitit, meanwhile, is a white-labeled solutions that allows merchants to offer installments to customers under their own brand.
The Tel Aviv-born company calls it “installments-as-a-service.” Crucially, the brand offers a single API and integrates with the merchant’s systems to bring together all the players in a transaction at the point of sale — card networks, issuers and acquirers. Being integrated into the merchant’s user experience helps reduce clutter on the checkout page.
The announcement comes as Atlanta is set to regain a nonstop flight to Tel Aviv that business leaders believe will position the city to gain more Israeli investment. Splitit is based in Atlanta but retains R&D hub in Israel, along with offices in London and Australia, where it is listed on the Australian Securities Exchange under the code SPT. It also trades on over the counter markets in the U.S.
Splitit is hiring now for three roles in Tel Aviv; none so far are listed in Atlanta.
The Technology Association of Georgia estimates that more than 200 fintech companies in Atlanta generate $72 billion in annual revenue.