The BNPL provider bought South Africa-based Payflex to establish a presence in the region, which remains largely untapped and where point-of-sale financing solutions have strong growth potential.
The pandemic was disastrous for many retailers; we estimate that total retail sales worldwide plunged 2.8% in 2020. Though, while many physical stores were shuttered, digital retail sales soared by over 25% in a single year.
Splitit partnered with UAE-based BNPL provider tabby, and Singapore-based fintech Fave launched its BNPL service in Singapore and Malaysia as global appetite for installment lending services increases.