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Webinar recap: tools for growth with Aussie startup Splitit

Webinar recap: tools for growth with Aussie startup Splitit
Published on 4th August 2022

Once a tech company has successfully navigated the world of Series B funding and secured investors, the pressure is on to achieve what they promised with the right tools for growth and scalability. This requires deploying modern systems needed to automate processes, optimise financial reporting, and improve visibility of your operations with smart business technology.

This was covered in our recent webinar How Tech Companies Can Prepare For Growth And Scale.

We explored the technologies spurring sustainable growth for tech businesses, through the eyes of a fintech who has already walked the path. So, along with Annexa’s Director Matthew Owens and Marketing Manager, Isabel Ford, we invited Splitit CFO, Ben Malone to share his own industry insights and learnings following the successful deployment of a NetSuite solution at his fintech.

From creating a transformational shift to disrupting the Buy Now Pay Later (BNPL) industry, Splitit has a global footprint offering an innovative payments technology. Splitit now provides a purely b2b Whitelabel BNPL solution that empowers Merchants to offer installment payments embedded within their customer journey. For merchants– this drives greater conversion, and for shoppers – it provides a seamless experience with no credit checks, applications, or fees.

If you’re an early-stage fintech, ramping up to series B, or have just completed and are planning your next steps, the insights shared in our recent webinar will help you on your journey. Here’s a rundown on what was covered:

The Splitit evolution

The webinar begins with Ben providing a great overview of the Splitit solution and the inroads made since 2009 as well as their listing on the Australian Securities Exchange in Jan 2019. He also shares his take on the BNPL landscape and the major trends and challenges shaping the sector, particularly over the past few years. This part of the webinar really dives deep into the BNPL business model, the impact of changing consumer behaviours on BNPL providers and the tightening regulatory screws for the sector.

Taking Splitit to the next level with cloud ERP

The next quarter of the webinar focuses in on Splitit’s digital ERP transformation following a funding round. Splitit started really focusing on accelerating their path to profitability by expanding into new markets, attracting new merchants and growing Merchant Sales Volume (MSV).

But fast-growing companies need robust technology foundations and tools for growth and scale. Splitit’s historically neglected financial business systems were lacking the unity, processes, automation and access to quality data needed to propel the company forward. To regain control, Splitit selected cloud ERP platform NetSuite to manage all their core business functions using a unified data set.

This is also where Splitit’s partnership with leading NetSuite partners Annexa begun, having selected them as their trusted implementation partners.

Ben walks us through the process of putting core platforms in place to support Splitit’s growth. From implementing NetSuite as the foundational finance platform and integrating with applications such as Moody’s Analytics for advanced financial intelligence and analytical tools, piece by piece the company’s technology was revamped. It wasn’t just localised solutions either. Splitit operates across six geographies, so they needed capabilities for global, multi-currency consolidation as well as quick access to real-time, global financial reports.

Key learnings from Splitit

In the third quarter of the webinar, Ben summarises his tips for growth and scalability into 3 main categories:

  • Choosing the right core platforms and tech tools for growth and scale
  • Finding the right people & partners
  • Utilising new information to drive business decisions.

Live questions and answers

The webinar wrapped up with attendees posing questions to Ben.

When asked about the initial transition to the NetSuite platform, Ben noted that planning and managing integrations – including deploying a new billing system and linking Salesforce to and from their core NetSuite platform – required careful planning to manage the additional layer of complexity.

A technical team spread across multiple geographies and time zones brought some challenges too. However early on, the team adjusted to this increasingly common hybrid working arrangement.

When asked about the growth and opportunity for BNPL in the current Australian market versus the US, Ben said the Australian market was tough to crack. Australia has largely led the BNPL charge while the US has lagged behind. When entering the US, the larger market size and relative immaturity of BNPL in the US created plenty of opportunity for Splitit. So much so that they now consider the US their core market.

Of course, if you couldn’t make it on the day and have additional questions around the NetSuite platform and its application in the tech sector, you can contact one of our experts anytime online.

Don’t forget, you can watch the on-demand webinar to learn all the insights needed to drive growth at your tech company.

More than just NetSuite experts

At Annexa, we provide industry-leading solutions customised to the NetSuite platform, including financial management. With our in-house integrations, extensions, partnerships and full-service capabilities, we deliver end-to-end solutions for our customers, and provide training and support to ensure the successful implementation of the NetSuite platform.

Contact us today to speak to an expert to learn whether we are the right NetSuite implementation partner for you.

Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutionsfinancial managementwarehouse management and ecommerce solutions.

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