What Happened

Split Pay, a Miami-based fintech, raised $125 million across back-to-back Series A and Series B rounds, with Khosla Ventures leading both. Thrive Capital and PayPal co-founder Max Levchin participated. The company claims 70x growth in the past year and roughly one million signups, with about a quarter using the service monthly.

The product lets users pay monthly bills like rent and student loans on time while Split Pay fronts up to 50% for up to 30 days, charging a 2% fee plus a $10 monthly subscription.

Who Is Affected

SDRs selling into fintech infrastructure, AI/ML tooling, compliance, and analytics should treat Split Pay as a live prospect. The company is building an AI underwriting model and preparing to launch a Visa credit card, both of which create immediate vendor needs.

With $125M in new capital and a stated focus on scaling, Split Pay has budget and urgency. Competitors in earned wage access and bill payment should also watch this move.

Market Impact

• AI underwriting: Split Pay spent two years building a foundation model for underwriting, signaling demand for AI/ML infrastructure and data tooling.
• Card launch: A Visa credit card is reportedly coming soon, creating needs in card program management, compliance, and fraud prevention.
• Rapid scaling: 70x growth and ~1M users mean data infrastructure, analytics, and customer support tooling are likely procurement targets.
• Geographic focus: Miami-based but US-wide operations, fitting most US-focused sales territories.

What to Watch

Track the Visa card launch timeline and any public announcements about the AI underwriting model's deployment. Split Pay is also expanding beyond rent into student loans and car payments, which could open new partnership or compliance angles.

Watch for additional hiring or vendor announcements that signal where the $125M is being allocated.

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