Splitit appoints payments veteran as new CEO
Nandan Sheth replaces interim boss John Harper, who replaced Brad Paterson, who left in August last year.
US payments company Splitit has appointed a payments veteran who sold a fintech he co-founded to American Express as its new CEO.
Nandan Sheth will take on the CEO role from 28 February this year.
Sheth is replacing interim CEO John Harper, who took on the role while Splitit looked for a permanent replacement for Brad Paterson, who left in August last year.
Harper will stay with the business over the transition period.
Splitit, headquartered in New York, offers a type of buy now, pay later service, letting customers “spend smarter” by splitting later purchases into buy now, pay later payments.
However, it doesn't offer credit, instead retailers use the existing credit on a customer's credit card to turn purchases into smaller equal monthly instalments.
It works with over 400 partners across 27 countries.
Sheth has over 20 years fintech and payments experience.
He latterly worked in a senior role at Fiserv, the payments firm, and prior to that he was president of Acculynk, a payments firm he co-founded and sold to First Data in 2017.
His earlier experience includes serving as general manager at American Express and co-founding Harbor Payments, which was later sold to American Express.
“Nandan brings more than 20 years of relevant experience and a powerful network within the payments and fintech space to Splitit,” said Dawn Robertson, chair of the board of Splitit.
“Given his background and experience as a leader across business development, production strategy, and his ability to successfully develop and launch partnerships, we’re confident that he will unlock the growth potential of the company.”
“There is unparalleled demand for its innovative payment option letting consumers use their existing credit, rather than new financing, for spreading out large purchases,” said Sheth.
“Additionally, Splitit is the most merchant friendly BNPL platform in the market allowing merchants to maintain a direct relationship with their customers, while supporting the highest BNPL approval rates in the industry.”