Splitit (ASX:SPT) share price lower despite record November performance

The Splitit Ltd (ASX: SPT) share price is dropping lower on Thursday after the release of a trading update.

In early trade the buy now pay later provider’s shares are down 1% to $1.30.

How is Splitit performing?

As with rivals Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P), Splitit performed strongly in November.

According to the release, Splitit achieved record merchant sales volume (MSV) during the Black Friday and Cyber Monday promotional period.

Over the holiday shopping event, the company reported MSV of US$15.3 million. This was an increase of 216% on the same period a year earlier.

This strong finish to the month led to the company reporting year-on-year November MSV growth of 255%.

Unlike Afterpay, which has a…