Good to see some constructive debate. Here are a few select views of mine. The update was positive, a few sideway moves but overall building up to a successful christmas period.
Positives: Staff Limitations: Now set to be removed. - Splitit had 90 employees in September. A number of these are system integrators, sales engineers, automation engineers etc. These employees are working with Visa, Mastercard, Stripe etc. Not sales focused, IT focused. - Since September, Splitit has hired an additional 15 staff, sales managers in Europe (multiple), Payment partners in US & Israel etc. Sales focused. - New key hires are onboarding ie VP of Product New York. The team is just getting started and will grow exponentially over the next year. The funding will allow this. We have to remember ZIP/APT have hundreds of staff currently! Integration/Complementary product offering: Ongoing. - Stripe integration is complete. Merchants can onboard in minutes not weeks or months now (just in time for xmas) - Visa/Mastercard ongoing. I expect an update this months, this will grow sales exponentially (we don't know how big this could be)! - Can be used alongside all other BNPL players and I am still fairly confident SPT will partner with Paypal (Boys club) Licensing: - QFE will begin offering Splitit 15 October to professional services firms. I know they have sales targets to meet to have exclusive rights in this sector. Negatives: Marketing - I have been slightly disappointed with the marketing team compared to other BNPL products. The new funding will allow this team to grow and new hires to be added.
Overall I believe this will be one of the most successful stocks on the ASX over the next 2-5 years. Staff growth, licensing and integration will allow sales to explode, a patented product set for the stars (hopefully). As Brad said he joined Splitit as he sees the potential of the offering, he wants it to be the new PayPal and overtime new products will also be developed. Watch this space
SPT Price at posting:
$1.57 Sentiment: Buy Disclosure: Held