Home / Sector / BNPL shares / Guess which ASX BNPL share has soared 100% in a month. Hint: it's not Zip

Guess which ASX BNPL share has soared 100% in a month. Hint: it's not Zip

Could this be the new buy now, pay later darling of the ASX?

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
Published
| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • This ASX buy now, pay later share has surged more than 100% in a month 
  • In the past year however, the company's shares have lost more than 60% 
  • Investors responded positively to the company's new vision 

One ASX buy now, pay later (BNPL) has had a stellar month, outperforming Zip Co Ltd (ASX: ZIP) and other payment technology shares.

The Splitit Ltd (ASX: SPT) share price surged to 33 cents before midday today. This is 113% higher than the 15.5 cent closing price one month ago on 4 April. The company's share price has since retreated to 28.5 cents at close of trade on Wednesday.

So why is the Splitit share price surging?

A group of friends split the bill at the restaurant after their meal, making payments on their mobile phones.

Image source: Getty Images

What's going on with this ASX BNPL share?

The Splitit share price exploded 55% on 28 April alone. Driving this share increase was the CEO outlining a new vision for the company.

Splitit is a BNPL that allows customers to split payments using their available credit. This makes the company's business model different to other BNPL shares.

In a CEO presentation, Splitit revealed it is looking to expand its Google partnership to United States customers.

The company also reported quarterly results. Revenue increased by 6% on the prior corresponding period, while sales volume jumped 23% year on year.

Finally, the company also approved a US$150 million Goldman Sachs credit facility at the annual general meeting on 28 April.

CEO Nandan Sheth commented on the company's direction:

Splitit is uniquely positioned as it bridges the gap between BNPL and credit cards by making instalment payments possible on any credit card purchase at the point of sale.

The Splitit share price also surged 50% between market close on 19 April and 27 April. On 27 April, Splitit responded to a share price query from the ASX. Splitit said it was not aware of any information explaining recent trading of the company's shares.

Splitit has outperformed other BNPL shares in the past month. The Zip share price has slipped 33% since market close on 4 April, while Block Inc (ASX: SQ2) has descended 20%.

Share price snapshot

The Splitit share price has fallen 62% in the past year. It has recouped some of those losses, jumping 12% year to date.

In the past week alone, it has surged 47%.

Splitit has a market capitalisation of about $131.7 million based on the current share price.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on BNPL shares

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.
BNPL shares

Zip shares crash another 11% this week: What is going on?

| Samantha Menzies

Here's what brokers expect next.

Read more »

A happy shopper with a wide mouthed smile holds multiple shopping bags up around her shoulders.
BNPL shares

Experts tip battered Zip shares to deliver over 90% returns

| Marc Van Dinther

Zip’s battered share price could be hiding a much brighter future.

Read more »

A happy shopper with a wide mouthed smile holds multiple shopping bags up around her shoulders.
BNPL shares

Experts tip Afterpay owner Block shares to deliver over 50% returns

| Marc Van Dinther

Block offers investors a compelling long-term fintech growth opportunity.

Read more »

Scared looking people on a rollercoaster ride representing volatility.
BNPL shares

Why Zip shares took investors on a wild ride in August

| Bernd Struben

Zip shares made some big moves in August. But why?

Read more »

Woman with a concerned look on her face holding a credit card and smartphone.
BNPL shares

Is it time to get greedy with Zip shares?

| Samantha Menzies

The buy now, pay later provider has suffered several strong headwinds over the past 12 months.

Read more »

Part of male mannequin dressed in casual clothes holding a sale paper shopping bag.
BNPL shares

How high do UBS and Macquarie think Zip shares will go?

| Cameron England

Even after a jump this week, these shares could be a bargain.

Read more »

person sitting at outdoor table looking at mobile phone and credit card.
Earnings Results

Zip Co reports record FY26 earnings and outlines growth strategy

| James Mickleboro

The buy now pay later provider delivered a 45.7% increase in net profit after tax to $116.4 million.

Read more »

Stressed man in an an office with his eyes closed and phone in his hand, with investing graphs open on two iMacs.
BNPL shares

Zip shares are getting crushed: What's gone wrong?

| Marc Van Dinther

Zip’s 20 August update will test growth, profits, and credit quality.

Read more »