Splitit shares have soared more than 55 per cent to a record high after the buy now, pay later company signed a multi-year deal with Mastercard.
Splitit shares had retreated slightly by 1254 AEST but were still up 45.5 per cent to 96 cents after trading as high as $1.025.
Splitit said Mastercard would integrate Splitit’s technology into its payment gateway, exposing the company to more merchants and allowing them to easily offer Splitit’s instalment payments options to their customers.
Some of the largest brands in the world use the Mastercard payment gateway, Splitit chief executive Brad Paterson said, calling the deal “a major plank in our strategy to grow through strategic partnerships to make Splitit a household name”.
The program will launch initially in Australia, the United Kingdom and Canada, with plans to roll out globally.
“This is again, a validation of our business model,” Mr Paterson told AAP.
Splitit, which announced a similar partnership with Visa in March, said it could not determine the “economic materiality” of the partnership.