● Addition of payments industry veteran Dan Charron brings 30 years of payments and merchant
services experience, including senior executive and board-level roles in the US.
● Splitit CEO Nandan Sheth, who joined the company in March 2022, will become managing director.
● The company also announces three senior hires to the executive team, including Chief Revenue
Officer, Head of Product and Head of Operations.
Splitit Payments Limited (“Splitit” or the “Company”), the only white-label instalment solution allowing
consumers to pay by instalments using their existing payment card at checkout without increasing their total credit exposure, announces the appointment of two new directors to its board. Payments industry veteran Dan Charron joins the board as Independent Non-Executive Director, and CEO Nandan Sheth joins as the Managing Director. Splitit also notes three recent executive hires to advance the company’s revenue growth, product innovation and operations functions to help drive the next generation of instalment payments through its merchant-branded Instalments as a Service platform.
Dan Charron has 30 years of payments, fintech and merchant services experience, including senior
executive and board-level roles at some of the largest fintech companies in the world. He most recently
served as Chairman, Global Business Solutions at Fiserv, joining the company through its merger with First
Data In 2019. At First Data, Charron was Executive Vice President (EVP) of Global Business Solutions. This
$5.3 billion division supported over 6 million customers1 with operations in North America, Europe, Asia
Pacific and Latin America. Before Fiserv, he spent 14 years at Chase Paymentech, including serving as
President and CEO of the global payment processing business of JPMorgan Chase & Co.
Seasoned payments industry executive Nandan Sheth joined Splitit in March 2022 as CEO, bringing more
than 20 years of experience at large payment companies, major banks, Fortune 100 companies and
disruptive technology startups. He previously held leadership roles at Fiserv, Acculynk and American
Express and successfully helped launch, scaled, and exited multiple fintech companies.
“We are delighted to have Dan and Nandan join the Board,” Splitit Chair Dawn Robertson said. “Dan is an
accomplished industry veteran. His extensive experience in merchant services, payments processing and
technology will be very valuable in supporting Nandan and his team in executing on our growth strategy. In the short time he has been CEO, Nandan has already made a considerable difference in re-setting the
vision for our company while demonstrating the ability to drive meaningful partnerships and merchant
relationships.”
Charron currently serves as a board member for payment compliance company Kompliant and AI travel
marketplace technology company, Onriva. Previous board roles include Chairman of cloud-based payment
gateway and data security solutions company MerchantLink, Chairman of Allied Irish Bank Merchant Services, and served on the board of directors of Bank of America Merchant Services and the leading trade association for the payments industry, the Electric Transactions Association.
Senior team strengthened to drive growth
Splitit also notes three senior executive additions. The new hires are instrumental in executing the
company’s strategy to power the next generation of Buy Now, Pay Later (BNPL) through its merchantbranded Instalments-as-a-Service platform while unlocking BNPL at the point of sale for card networks, issuers and acquirers, all through a single API.
Colt McCutcheon has been appointed Splitit’s Chief Revenue Officer, joining the company in May 2022.
McCutcheon has an extensive track record of driving revenue and strategic growth initiatives in payments
and fintech. Colt brings strong relationships with merchants, processors and networks. Prior to Splitit,
McCutcheon was Head of Global Merchant Sales at CardinalCommerce, a Visa company, where he led the
sales and partnerships team making Cardinal the number one technology layer for 3DS.
Collin Flotta joined the Company as Head of Product. Flotta brings extensive fintech and payment
experience building products for both businesses and consumers. Most recently, he was the Vice President of Products at Fiserv with Carat, an ecosystem of omnichannel commerce solutions for large national and multinational companies.
George Danforth joined the Company as Head of Operations. Danforth has significant experience in
payments operations and merging product development, most recently as the Head of Emerging Payments at Discover’s Pulse Network. Both Flotta and Danforth joined Splitit in March 2022.
“Splitit is attracting a high calibre of talented payments and fintech experts who share our vision of
powering the next generation of BNPL infrastructure for the existing payments ecosystem. I’m delighted to welcome Dan, Colt, Collin and George to the team and am excited about our journey ahead together,”
said Splitit CEO and MD Nandan Sheth.
Services, and served on the board of directors of Bank of America Merchant Services and the leading trade association for the payments industry, the Electric Transactions Association.
Senior team strengthened to drive growth
Splitit also notes three senior executive additions. The new hires are instrumental in executing the
company’s strategy to power the next generation of Buy Now, Pay Later (BNPL) through its merchantbranded Instalments-as-a-Service platform while unlocking BNPL at the point of sale for card networks, issuers and acquirers, all through a single API.
Colt McCutcheon has been appointed Splitit’s Chief Revenue Officer, joining the company in May 2022.
McCutcheon has an extensive track record of driving revenue and strategic growth initiatives in payments
and fintech. Colt brings strong relationships with merchants, processors and networks. Prior to Splitit,
McCutcheon was Head of Global Merchant Sales at CardinalCommerce, a Visa company, where he led the
sales and partnerships team making Cardinal the number one technology layer for 3DS.
Collin Flotta joined the Company as Head of Product. Flotta brings extensive fintech and payment
experience building products for both businesses and consumers. Most recently, he was the Vice President of Products at Fiserv with Carat, an ecosystem of omnichannel commerce solutions for large national and multinational companies.
George Danforth joined the Company as Head of Operations. Danforth has significant experience in
payments operations and merging product development, most recently as the Head of Emerging Payments at Discover’s Pulse Network. Both Flotta and Danforth joined Splitit in March 2022.
“Splitit is attracting a high calibre of talented payments and fintech experts who share our vision of
powering the next generation of BNPL infrastructure for the existing payments ecosystem. I’m delighted to welcome Dan, Colt, Collin and George to the team and am excited about our journey ahead together,”
said Splitit CEO and MD Nandan Sheth.
About Splitit
Splitit is a global payment solution provider that enables shoppers to use the credit they’ve earned by
breaking up purchases into monthly interest-free instalments using their existing credit card.
Splitit powers the next generation of Buy Now, Pay Later (BNPL) through its merchant-branded Instalmentsas-a-Service platform. Splitit solves the challenges businesses face with legacy BNPL while unlocking BNPL at the point of sale for card networks, issuers and acquirers, all through a single network API.
Splitit’s Instalments-as-a-Service platform mitigates issues with legacy BNPL like the declining conversion
funnel, clutter at the checkout and a lack of control of the merchant’s customer experience, putting the power back in the hands of merchants to nurture and retain customers, drive conversion and increase average order value. Splitit’s white-label BNPL is the easiest instalment option for merchants to adopt, integrate and operate while delivering an uncluttered, simplified experience embedded into their existing purchase flow. With no applications,
Headquartered in New York, Splitit has an R&D centre in Israel and offices in London and Australia. Splitit is listed on the Australian Securities Exchange (ASX) under ticker code SPT and also trades on the US OTCQX under ticker SPTTY (ADRs) and STTTF (ordinary shares).
Key Points
– Consumer-friendly for shoppers: As the only instalment offering that allows shoppers to use their pre-existing unused credit card balances at the point of sale, Splitit offers a consumer friendly solution with no new debt or credit checks, no application, no interest or late fees charged. It also allows shoppers to continue collecting perks like cash back, rewards and points as they would on normal credit card transactions, without any risk of damaging their credit profile.
– Unique benefits for merchants: Splitit is highly integrated (shoppers don’t need to leave the merchant’s website), easy to Implement and offers longer and flexible loans, reducing shopper friction and driving sales conversion rates. It also offers merchants the option of a funded or non-funded model.
– Globally scalable model, boosted by white-labelling: Splitit is fundamentally a technology business leveraging the existing global credit card payment rails. This means its branded or white label solution can be adopted in new markets without the need for an ’on the ground’ presence, delivering strong operating leverage, enhanced scalability and a cost-effective pathway to profitability.
– Already subject to existing credit card regulatory framework, and allows merchant surcharging: As a technology solution that operates within the highly regulated credit card industry, Splitit has a distinct advantage over legacy BNPL providers who are under increasing global regulatory scrutiny due to their consumer financing models. In addition, mounting sector-wide pressure to allow merchant surcharging will not impact Splitit, as merchants are already allowed to surcharge on credit cards.
– Unique IP: Splitit’s protected IP secures the pre-authorisation on a consumer’s credit card limits consumer defaults, as the transactions are secured by the credit card issuers. This unique business model provides operating leverage at scale and a pathway to future profitability without the same associated risk.
The announcement has been approved and authorised to be given to ASX by Dawn Robertson, Chairman
of the Board of Splitit.
Contact Information
Australian Media & Investors
Catherine Strong, Citadel-MAGNUS
cstrong@citadelmagnus.com
+61 2 8234 0111
US Media
Brian Blank, Splitit
brian.blank@splitit.com
+1 760 917 3321
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