Split Pay raises $100M to rethink housing payments
Split Pay has disclosed a roughly $100 million Series B as it builds financing around the timing mismatch between paycheques and monthly housing bills.
Split Pay is applying fintech underwriting to a simple but persistent household problem: rent and mortgage payments arrive monthly even when income does not.
What happened
The company disclosed around $125 million across its Series A and Series B, including roughly $100 million in the new Series B led by Khosla Ventures, with participation from Thrive Capital and Max Levchin. The product helps users bridge timing gaps between housing payments and more frequent pay cycles.
Why it matters
The model is different from traditional revolving credit because it focuses on short-term cash-flow timing. That creates a potentially lower-friction financial product for consumers whose income is regular but poorly aligned with major monthly bills.
The bigger picture
Fintech is increasingly fragmenting broad credit products into narrower, workflow-specific financing tools. Better underwriting data and automation can make those products more targeted than a conventional card or personal loan.