Splitit Payments Takes Private Equity Backing in Pursuit of Large Merchants, CEO Says

SYDNEY—Splitit Payments will delist with the backing of private-equity company Motive Partners in the hope of attracting large merchant customers previously deterred by its limited funding, according to the installment-payment provider’s chief executive.

Atlanta-based Splitit, which allows companies to offer interest-free installment plans against untapped credit on consumers’ existing card accounts, on Wednesday said it had agreed to issue new preferred shares to Motive in exchange for $50 million in funding.

Splitit,…