Business
Splitit cashes in on buy now, pay later frenzy – Sydney Morning Herald
The cash grab continues for the red hot buy now, pay later sector with Splitit announcing its second capital raising in three months on Monday.
After hitting a low of about $8.90 in late March, Afterpay’s share price has skyrocketed more than 660 per cent, valuing the company at nearly $20 billion and defying analyst and investor expectations and ongoing financial losses.
“Although the buy now, pay later industry is growing strongly, industry firms have made losses over the past five years and will likely continue to do so in 2020-21. While losses as a share of revenue are declining, the industry has yet to achieve profitability,” said…
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