SplitPay reportedly raised around $100 million in Series B financing, according to Axios, for a lending service that helps renters spread a monthly bill across incoming paychecks. The company pays the landlord in full on the due date, while the resident repays SplitPay in smaller installments. It is a way to change the timing of an expense, not reduce the rent owed.
A renter starts by adding a bill and connecting accounts for an eligibility assessment. The company's rent page illustrates a $2,000 payment divided into $1,000 on the due date and $1,000 two weeks later. SplitPay says it can deliver the landlord's payment through an existing tenant portal, bank transfer, Zelle or a mailed check. The landlord does not need to agree to collecting half the rent late.
The underwriting is central to the product. SplitPay says its Lens AI system examines cash flow, payment behavior and stability signals rather than relying on a traditional credit score. That approach is intended to identify people who can repay a particular bill despite an awkward income schedule. The company reports more than 150,000 members and over $1 billion in bills split; the latter is payment volume, not company revenue.
Property managers provide a distribution channel as well as a destination for the money. SplitPay's partner program supplies building-specific links that managers can share with residents through emails, portals or move-in materials. Residents pay their own fees, while participating managers can receive a share of revenue tied to active users. The manager-facing service is presented as free and compatible with existing payment systems, rather than another property-management software installation.
The $125 million headline disclosure covers two rounds, not one new $125 million raise. Axios places a $25 million Series A in fall 2025 and the roughly $100 million Series B more recently, noting that the latter could still grow. Khosla Ventures led both, with Thrive Capital and Max Levchin participating. The current Series B amount remains attributed to that report.
For households, the practical attraction is keeping cash available for other bills between paydays. For SplitPay, the challenge is distinguishing a temporary timing gap from a household that cannot sustain its obligations. Expanding access only produces a durable business if repayments, customer fees and the cost of advancing the money work together; a larger volume of bills passing through the system is not, by itself, evidence of profitable lending.