https://ift.tt/3rIgeAA
Splitit Payments Limited (“Splitit” or the “Company”) (ASX:SPT, OTCQX:SPTTY), the Company empowering shoppers to use their credit cards to pay in instalments, is pleased to announce that its board of directors has appointed Nandan Sheth as CEO, effective 28 February 2022.
A seasoned payments industry executive, Sheth brings domain expertise through his work at large payment companies, major banks, Fortune 100 companies and disruptive technology startups across North America and Europe. His record of entrepreneurial success includes co-founding, scaling and successfully exiting multiple fintech companies, including Harbor Payments (sold to American Express in 2006) and Acculynk (sold to First Data in 2017). The Company is also pleased to announce that John Harper, who has served as Interim CEO since August 2021, will stay on for a period of time to ensure a smooth transition.
“Nandan brings more than 20 years of experience and a powerful network within the payments and fintech space to Splitit,” said Dawn Robertson, Non-Executive Chair of Splitit. “Given his background and record of innovation, we’re extremely confident that he can unlock the growth potential of the company. At the same time, we thank John Harper for his leadership and guidance as Interim CEO. Having a veteran retail executive at the helm over the past six months has helped us better understand merchants’ needs and expectations and develop our business in ways that help our partners take full advantage of the market opportunities in front of them.”
Splitit is a credit card–based instalment solution that lets consumers spend smarter by making the most of the credit cards they already have. Splitit gives shoppers more control by turning larger purchases into more manageable monthly instalments on their existing credit cards—with no new financing, interest or fees—while taking advantage of all the cards’ respective benefits and rewards. Splitit’s flexible platform helps businesses deliver a faster and simpler payments experience that drives higher sales, AOV, brand satisfaction and loyalty.
“I’m honoured to join this disruptive fintech company at an inflection point that is showing strong and growing demand for a payment option that lets consumers use their existing credit, rather than new financing, for spreading out large purchases,” said Sheth. “Additionally, Splitit is the most merchant-friendly BNPL platform in the market. Splitit uniquely allows merchants to maintain a direct relationship with their customers. The global opportunity for Splitit is tremendous, and I’m excited to be part of the journey that impacts consumers, merchants and shareholders.”
Sheth’s executive experience in the payments and fintech sector spans strategy, scaling innovation, corporate and business development, product development, technology, and operations. Prior to joining Splitit, he served as Fiserv’s Head of Global Digital Commerce as well as Head of Fiserv’s Carat business, an ecosystem of omnichannel commerce solutions for large multinational merchants. Prior to that, Sheth was President of Acculynk, the business he co-founded in 2008 and sold to First Data in 2017. His earlier experience includes serving as GM at American Express and co-founding and scaling Harbor Payments (sold to American Express) and e-Debt. Sheth holds an MBA from the Cass Business School and a BSc with Honours from City, University of London.
A summary of the material terms and conditions of Sheth’s employment arrangements, including remuneration, is included as an annexure to this announcement
Financial Services
