«The numbers are especially impressive given seasonality with the March quarter typically being the slowest quarter for retail sales (industry wide),» the company said.
Splitit was valued at $312 million on Monday based on its closing share price of $1.16. It generated merchant fee revenues of just over $2 million for the 12 months ending March 31.
Splitit’s larger rival, Zip, also reported record quarterly revenue of $23 million, up 20 per cent on the prior quarter and double what the company reported for the prior March quarter.
It sent shares up 16 per cent to a record close of $2.89.
Zip chief executive Larry Diamond also claimed it was a great result in what was typically the weakest quarter for retail sales.
While the value of sales transactions on the platform in the first three months of this year declined 8 per cent compared to the December quarter, Mr Diamond said «total transaction numbers were flat over the quarter as our focus on driving monthly active usage generated positive results».
The big rise in revenue for the quarter was driven by the steady level of transaction volumes and fees related to its receivables which rose 16 per cent to $565 million.
Zip said its customer numbers for its buy now, pay later services rose 14 per cent to 1.2 million while net bad debt fell slightly to 1.75 per cent.
The company has also signed up Chemist Warehouse, General Pants and Lorna Jane to its platform and has entered the New Zealand market with Super Retail Group — the group behind Rebel Sport, Macpac and Supercheap Auto.
It was also a great day for professional services marketplace operator Freelancer.
Its shares closed 21 per cent higher at 85¢ after generating record customer receipts of $14 million and net operating cash flow of more than $2 million.
Colin Kruger is a business reporter. He joined the Sydney Morning Herald in 1999 as its technology editor. Other roles have included the Herald’s deputy business editor and online business editor.