SPLITIT LTD (Company) Objectives The Risk, Audit and Governance Committee (Committee) has been established by the board of directors (Board) of the Company pursuant to article 47 of the Company’s articles of association. The Committee’s primary objective is, in
“Splitit has boosted business at Simba, allowing us to make the world’s most 5 star reviewed mattress affordable to an even wider range of customers. Splitit’s installment option was simple to set up and provides our customers with an easy to use interest-free payment option via a seamless and quick checkout. The results have been good, with up to 25% of UK customers choosing to pay with Splitit.”
How Splitit is Helping Simba’s Customers Get an Even Better Night’s Sleep
About Simba Sleep
Simba Sleep produces the most advanced mattresses in the world by using a unique combination of over 2,000 conical pocket springs and responsive memory foam to guarantee the perfect night’s sleep. The mattresses are produced to fit any individual’s sleep pattern and ensure more comfort and relaxation. Simba’s experts have been working to produce the perfect mattress since 1979, when they supplied their very first spool of thread to a mattress factory in Derbyshire, England. Eventually, they decided to use this special thread to create their own mattresses, diversifying into mattress design and supply in 2002. Since then, Simba has raised over $75M equity funding and now sells mattresses in 15 countries.
The Challenges They Faced
Simba was already working with a payment solution provider, but wanted to open up an installment option to a wider customer base with a simpler option. Plus, their installment payment option was limited to only customers in the United Kingdom.
Why Simba Sleep Chose Splitit
Simba set out to find a solution that would not only mitigate these challenges, but also help them gain a competitive edge.
First of all, Splitit’s technology is available all over the world, which allowed Simba the opportunity to make their mattresses affordable to customers everywhere they sold mattresses, with one simple integration. Splitit also has great customer appeal, with no interest or fees, and the customer does not have to go through a lengthy application process or credit check. Their technology is everywhere the customers are; online, in-store and on mobile, easily accessible with intuitive, easy-to-use technology that fits seamlessly into the payment process. Creating as little friction as possible, has a direct impact on (decreasing) cart abandonment rates and (increasing) sales. Most importantly, Splitit offers a very high approval rate, because it uses the customer’s existing credit card. This makes for very happy customers and higher 5-star reviews.
Simba has been working with Splitit to offer low monthly installments for over 3 years, and each year they have seen double digit growth. At one point Splitit made up approximately 40% of their checkout in France and approximately 25% in UK. In Q2 of 2020 Simba experienced a monthly average of 42% percent growth of volume via Splitit. The Splitit offering continues to benefit Simba’s shoppers in a positive way.