Motive Partners has acquired a controlling stake in fintech company Splitit Payments by closing the first $25m tranche of a previously announced $50m growth commitment from funds advised by the private equity firm.

Following the closing of the first tranche, the US-based Splitit Payments has voluntarily delisted from the Australian Securities Exchange (ASX).

The funds will be utilised to expedite accelerate Splitit Payments’ growth as well as to support the implementation of the company’s strategic plan.

Splitit Payments managing director and CEO Nandan Sheth said: “Attracting a strategic investor of this calibre is a testament to the quality of our team and our unique, innovative offering.

“Motive’s investment significantly strengthens our balance sheet and brings additional global payments expertise, allowing the team to accelerate our white-label product strategy, product innovation, and our Tier One global distribution partnerships.”

Announced in August this year, Motive Partners’ investment commitment involves two tranches in exchange for the issuance of new preference shares.

The first tranche’s closing came after the receipt of Splitit Payments shareholders’ approval of the company’s delisting from the ASX and redomiciling from Israel to the Cayman Islands.

According to Splitit Payments, the disbursement of the second tranche of $25m will be contingent on the company meeting specific financial performance milestones for the full year 2023 and fulfilling other specified conditions.

Motive Partners chairman and founding partner Jeff Yabuki said: “We are thrilled to become a strategic investor in Splitit.

“The Company and its management have created a differentiated approach to commerce innovation across an impressive set of strategic partnerships which we believe will further unlock an attractive market. We look forward to partnering with Splitit’s talented team to take the Company to new heights.”

Splitit Payments is a white-label, fully embedded payments technology platform. The firm enables customers to pay via card-attached instalments using their existing card at checkout without increasing their total credit exposure.