Hi ALl,Here is what "The Age" newspaper reported about the...

Hi ALl,

Here is what "The Age" newspaper reported about the dismissal of the CEO of SPT - Not a good read of SPT and the CEO:

Splitit boss splits as losses rocket

Afterpay rival Splitit looks like an experiment that is not keeping up with the buy now pay later pack. Splitit’s BNPL USP (unique selling point) is that it operates on a credit card utlising the debt headroom.It’s the BNPL for non-Millennials and without the bad debts that Afterpay, Zip and Sezzle face, but it doesn’t seem to have caught the same wave of support either.

Splitit’s share price is plunging - from a high of $1.93 last year to 45c this morning. Its losses are soaring, from $US8.9 million to $US18.7 million for the year ending June 30. And its Aussie CEO Brad Paterson has been dumped by the board which determined that a “proactive change of leadership is necessary for the company to continue building on its achievements and prioritise its ambitions to significantly expand its merchant footprint across all geographies.

“Merchant Sales Volume (MSV) rose 94 per cent to US$172.5 million while its actual fee revenue generated from these transactions was up 80 per cent to $US5.5 million. Total merchants on its platform increased 167 per cent to 2,800 and total customers were up 83 per cent to 566,000.

You get the feeling that none of its BNPL rivals will be troubled by these numbers or feel the need to investigate this particular variation of the payments sector. Splitit did not offer any guidance for the current financial year.