Split says its bill-payment product gives consumers up to 30 days of float

Split says its SplitPay product lets consumers shift payments for housing, autos, insurance and student loans to better match their income cycles. The company says the current float is 30 days and its goal is to reach 90 days; one million people are using the product, according to Split.

The company says it built an in-house cash-flow underwriting foundation model trained on internal data and uses it instead of conventional FICO-style models. SplitPay can be used for any bill that accepts ACH, with payment timing managed dynamically.

Split says its run rate grew from $1 million in the first month to nearly $80 million. It launched with a venture-debt facility, later closed Series A and Series B rounds led by Khosla Ventures, and uses a layered set of credit facilities.