Split raises venture funding to give consumers a net-90 float on bills — already crossing $80M in originations

Split gives consumers a float window on their bills — starting at 30 days and targeting 90 — letting users shift payment dates to better align with their income cycles. Andrew Borovsky, the company's founder, describes the core thesis simply: banks move money, Split moves time.

The product works over ACH, not credit cards. Split built what Borovsky calls an authorization, capture, and settlement layer on top of the ACH network, effectively making it behave like a credit card. Any bill that accepts ACH can be paid through Split's debit card, with float applied dynamically in real time. No merchant integration required.

“We like to say that banks move money and we move time. The basic premise is essentially to create a net 90, but for consumers... We now have a million people using us... We did a million run rate in the first month, we're just about to cross $80,000,000 today. Today is actually our biggest origination day ever.”

Underwriting

The underwriting model is entirely proprietary and cash-flow based, trained on in-house data with deep learning applied on top. Borovsky argues FICO is structurally obsolete for their core customer — millennials averaging around 36 years old who are earning more every year but accumulating credit score improvements slowly unless they're constantly opening new lines of credit. Every off-the-shelf model, including FICO, was tested and discarded. The claim is that Split runs the best cash-flow underwriting model in the country, though that's the company's own characterization.

Traction and funding

Split launched its product in earnest roughly a year ago, hit $1M in monthly originations in the first month, and has just crossed $80M in total originations. The company now has 1 million users. Borovsky says today — the day of this conversation — is the company's biggest origination day ever.

On the capital side, Split stacked a venture debt facility to launch, then closed a Series A led by Khosla Ventures, scaled 5x within five months, and has now closed a Series B, again led by Khosla. Round size was not disclosed. Max Levchin (Affirm) is also an investor, and Borovsky says Split has modeled its credit facility strategy on Affirm's playbook.

Borovsky is candid that running a lending business requires simultaneous customer acquisition, equity raises, and credit facility closings in a permanent loop. He's been in fundraising mode for twelve months straight and expects it to continue.