Splitit, a company which offers card based instalment payment solutions, has raised $71.5m in a private placement and share purchase plan (SPP).

According to the company, several institutional investors including Woodson Capital Management participated in the fundraising.

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Splitit plans to utilise the new proceeds to ramp up marketing as well as make additional investments in product and technology.

Splitit CEO Brad Paterson said: “Splitit has consistently been building the foundation to scale, and all indicators show that the time is now to accelerate our growth.

“We are excited to welcome new global institutional investors as part of this fund raise, including Woodson Capital Management, in addition to the support of our current investors.”

Headquartered in New York, Splitit enables shoppers to pay for their purchases in instalments via credit cards.

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The Buy Now Pay Later service is said to reduce cart abandonment rates and boost merchant revenues.

In the second quarter of this year, the company processed more than $65m in merchant sales volume.

The figure represents a 176% growth quarter over quarter.

Currently, Splitit is used by more than 1000 ecommerce merchants and 309,000 shoppers.

Paterson added: “We look forward to accelerating merchant and consumer adoption of Splitit in our core markets with this additional capital.

“We are proud to play a part in helping businesses thrive as they better meet the needs of their shoppers.”