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Splitit joins buy now, pay later party with record May sales

Shares in buy now, pay later (BNPL) operator Splitit soared as much as 35 per cent on Thursday after the company reported a huge jump in sales and a bevy of fresh customers over the month of May.

Splitit, which offers customers a BNPL option through their existing credit cards, posted $US25.8 million ($37.3 million) in merchant sales for May, a 321 per cent increase on May last year and a 39 per cent increase from April.

NZ buy now pay later outfit Laybuy has booked in early look meetings with institutional investors this week as part of its IPO.

NZ buy now pay later outfit Laybuy has booked in early look meetings with institutional investors this week as part of its IPO.Credit:Dominic Lorrimer

Sales in North America skyrocketed 336 per cent, and in Europe were up 548 per cent, thanks to the addition of a number of new large merchant partners on the platform.

Total unique shoppers grew 18 per cent to 290,000 and the average customer order value also jumped 27 per cent, from $737 at the end of the first quarter to $939.

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