Key Takeaways
- • Split Pay closed $125 million in combined Series A and Series B funding rounds led by Khosla Ventures, with Series A raising $25 million and Series B raising $100 million, supported by Thrive Capital, New York Life Ventures, Metaprop, Alpaca, Moderne Ventures, Intuit Ventures, and SciFi VC.
- • The paytech platform enables users to split bills—including rent, mortgage, and vehicle financing—aligned with paycheque timing, with the company fronting up to 50% of payments for up to 30 days interest-free and without requiring credit checks.
- • Split Pay currently services over 150,000 members and plans to deploy capital for customer acquisition expansion and development of new product features including cash access and Apple Pay card integration, expected within six months.
- • Founded in 2022 by Andrew Borovsky, Andrew Lin, Leonid Movsesyan, Gerard Knight, and Alexander Labowitz, Split Pay operates as a non-lending money management platform that charges no interest and does not perform traditional credit underwriting.
- • CEO Borovsky indicated the company is building toward a "credit super app powered by our AI underwriting," signaling expansion beyond bill payment into broader consumer credit and financial services offerings.
Summary
Split Pay, a US-based paytech startup, has secured $125 million across back-to-back Series A and Series B funding rounds, establishing the company as a significant player in the consumer bill management and fintech space. The Series A raised $25 million while the Series B brought in $100 million, with both rounds led by Khosla Ventures. The funding syndicate included prominent venture firms Thrive Capital, New York Life Ventures, Metaprop, Alpaca, Moderne Ventures, Intuit Ventures, and SciFi VC, alongside angel investors, reflecting broad institutional confidence in the platform's business model and market opportunity.
Split Pay operates a money management platform designed to address cash flow timing mismatches for renters and bill-payers. Rather than functioning as a traditional lender, the platform allows users to time large payments—such as rent, mortgage obligations, and vehicle financing—to align with paycheque deposits. Split Pay pays the bill on its due date, fronting up to 50% of the amount for up to 30 days, with users repaying the company in two installments (split between 30/70% and 50/50%) approximately two weeks later. Notably, the platform charges no interest and does not require credit checks or traditional underwriting, distinguishing it from conventional lending products.
The company, founded in 2022 by Andrew Borovsky, Andrew Lin, Leonid Movsesyan, Gerard Knight, and Alexander Labowitz, currently serves over 150,000 members. CEO Borovsky stated that the new capital will be deployed to "supercharge customer acquisition," indicating aggressive expansion of the user base. Looking forward, Borovsky articulated an expanded vision, describing the company as "building the credit super app powered by our AI underwriting," with planned feature additions beyond bill payment including cash access products and card-based offerings compatible with Apple Pay. These additional features are expected to launch within six months, suggesting Split Pay is positioning itself for evolution into a broader consumer credit and financial services platform.
Split Pay operates a money management platform designed to address cash flow timing mismatches for renters and bill-payers. Rather than functioning as a traditional lender, the platform allows users to time large payments—such as rent, mortgage obligations, and vehicle financing—to align with paycheque deposits. Split Pay pays the bill on its due date, fronting up to 50% of the amount for up to 30 days, with users repaying the company in two installments (split between 30/70% and 50/50%) approximately two weeks later. Notably, the platform charges no interest and does not require credit checks or traditional underwriting, distinguishing it from conventional lending products.
The company, founded in 2022 by Andrew Borovsky, Andrew Lin, Leonid Movsesyan, Gerard Knight, and Alexander Labowitz, currently serves over 150,000 members. CEO Borovsky stated that the new capital will be deployed to "supercharge customer acquisition," indicating aggressive expansion of the user base. Looking forward, Borovsky articulated an expanded vision, describing the company as "building the credit super app powered by our AI underwriting," with planned feature additions beyond bill payment including cash access products and card-based offerings compatible with Apple Pay. These additional features are expected to launch within six months, suggesting Split Pay is positioning itself for evolution into a broader consumer credit and financial services platform.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.