Split Pay has secured $125 million in Series A and Series B funding rounds. The investment was led by Khosla Ventures with participation from Thrive Capital and Affirm CEO Max Levchin.
The company plans to use artificial intelligence to enhance its underwriting processes. CEO Andrew Borovsky noted that the firm spent two years developing a foundation model specifically targeting users under the age of 40.
The platform allows users to split large monthly expenses, such as rent, mortgage payments, or car loans, into two separate installments for a fee. This service aims to align payment schedules with the typical bi-monthly paycheck cycle.
Data indicates that the average Split Pay consumer earns $90,000 annually with $2,100 in monthly cash flow, yet many still struggle with liquidity due to the timing of their financial obligations.
