One of the best performers on the Australian share market on Monday was the Splitit Ltd (ASX: SPT) share price.
The payments company's shares finished the day 17% higher at 88 cents, bringing its four-week gain to a massive 340%.
Why did the Splitit share price rocket higher on Monday?
There appears to have been a couple of potential catalysts for this strong gain.
The first is the release of the recommendations of the Senate inquiry into credit and financial services targeted at Australians at risk of financial hardship.
There had been concerns that the inquiry could make recommendations that impact the buy now, pay later industry, but none of the recommendations that have been made are expected to be a problem.
It wasn't just Splitit's shares that responded positively. The Afterpay Touch Group Ltd (ASX: APT) share price finished the day 19% higher on Monday and the Zip Co Ltd (ASX: Z1P) share price rose strongly before closing 3% higher.
Another potential catalyst for Splitit's strong share price rise was an announcement the company made on Monday.
According to the release, Splitit has appointed Andrew Pipolo to lead its Australian and Asia Pacific growth strategy.
Mr Pipolo has worked for some of the world's most successful payments companies, including PayPal, MasterCard, and LoopPay (now Samsung Pay). During his time with PayPal, Pipolo managed the payment giant's entry into both the Australian and Japanese markets.
The executive now looks forward to using this experience to develop the Splitit platform in the region.
He said: "I have been fortunate enough to have helped grow some of the most successful payment solutions in the world, and I am excited to have the opportunity to put that knowledge and experience to work with Splitit."
What is Splitit?
For those that are not aware, Splitit is an Israel-headquartered payments company that provides a cross-border credit card-based instalment solution to businesses and merchants.
The service allows consumers to pay for a product using their existing credit cards but divide the total cost across as many interest-free monthly payments as they feel is necessary, up to a limit of 36 months.
Once the customer has selected the time-period they want, Splitit charges their credit card every month until their plan is finished.
I think it is one for your watchlist.
