BNPL vendor Splitit moves to go private in exchange for fresh funds

As the buy now, pay later (BNPL) market continues on its slow decline, one of the major players, Splitit, is embarking on an effort to reorganize and pivot.
Splitit today announced that it has a $60 million “capital commitment” from strategic investors including Thorney Investment Group, Parea Capital and Motive Partners. Bringing the startup’s total raised to around $350 million (assuming the deal goes through), the proceeds will be put toward growth and “supporting the execution of its strategic plan,” according to managing director and CEO Nadan Sheth.
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