Split Pay, a Miami-based credit technology company, has raised $125 million across back-to-back Series A and Series B rounds led by Khosla Ventures, with participation from Thrive Capital and PayPal co-founder Max Levchin, following a year in which the company says it grew 70-fold. The main objective is to expand Split Pay’s specialty finance platform, which lets renters, mortgage holders, and other consumers pay their full bill on the due date while the company floats up to 50% of the amount for up to 30 days, charging 2% of the bill plus a $10 monthly fee rather than interest or late fees, addressing the timing mismatch between once-monthly bills and twice-monthly paychecks. Roughly one million people have signed up, with a Visa credit card reportedly coming soon; the company plans to extend the model to student loans and car payments. Key players include Split Pay founder and CEO Avi Borovsky, who credited early believers including Vinod Khosla, Samir Kaul, and Joshua Kushner, and Max and Nellie Levchin, who “pushed us to think bigger.”

Split Pay Raises $125M Across Series A and B Led by Khosla Ventures