The Splitit Ltd (ASX: SPT) share price is going nuts, it is up by 20% today.
The cause for the huge increase of the share price was the release of its 31 March 2019 quarter result.
As a reminder, the payments company is headquartered in New York with a research and development centre in Israel, offices in London and it has plans to establish itself in Australia for its expansion into the Asia-Pacific region.
The company reported it attracted 57 new active merchants during the quarter, it now has 437 active merchants operating in 27 countries. It also has over 500 merchants engaged at various points of the sales cycle including large global enterprise merchants.
Splitit also boasted about signing multiple high turnover merchants that are expected to go live in the June 2019 quarter.
The business also said it transacted with 42,000 new shoppers in the March 2019 quarter, taking the total number of unique shoppers to 160,000 which was up 36% quarter on quarter.
Splitit also reported underlying merchant transactions in the first quarter of 2019 were up 168% year on year to $32.8 million, generating $556,000 in merchant fees (up 31% quarter on quarter).
Impressively, despite this strong growth, the company said it had maintained zero bad debt losses from over 160,000 transactions and $128 million processed to date.
The above numbers resulted in net operating cash outflow of US$2.54 million for the March 2019 quarter.
