Split Pay, a Miami-based fintech company focused on helping consumers manage large recurring bills, has raised $125 million across its Series A and Series B rounds. The financing comprised a $25 million Series A and a $100 million Series B, with Khosla Ventures leading both rounds.
The financings included participation from Thrive Capital and Max Levchin. Investors in the Series B also included New York Life Ventures, MetaProp, Alpaca VC, Moderne Ventures, Intuit Ventures and SciFi VC.
Founded in 2022 by Andrew Borovsky, Andrew Lin, Leonid Movsesyan, Gerard Knight and Alexander Labowitz, Split Pay provides payment and credit technology designed to align major bills with consumers’ income schedules. Its platform supports rent, mortgage and car payments, with eligibility assessed using income, spending and savings information. Approved users receive account and routing numbers that can be added to their bill payment portal.
Split Pay also uses cash-flow and behavioral data in its underwriting approach. CEO Andrew Borovsky told FinTech Futures that the company plans to use the new capital to accelerate customer acquisition.
