Fintech Split Pay Raises $125M to Rethink How Consumers Pay Their Biggest Bills

Miami-based fintech Split Pay has raised $125 million across back-to-back Series A and Series B funding rounds as the company looks to scale its AI-powered approach to helping consumers manage some of their largest monthly expenses.

Split Pay was created by Andrew Borovsky, Andrew Lin, Leonid Movsesyan, Gerard Knight and Alexander Labowitz. Borovsky, the company's CEO, previously held leadership roles at Block and Cash App.

The announcement comes after a year of rapid expansion. "Excited to share that we raised back-to-back Series A and Series B rounds, led by Khosla Ventures, after growing 70X in just 12 months," Borovsky shared in a social media post.

Then he summed up the company's premise in six words: "Banks move money, we move time."

Turning Time Into a Financial Product

Split Pay is built around a mismatch familiar to millions of consumers: many people receive income multiple times throughout the month, while their largest bills arrive all at once. The platform gives approved consumers the ability to divide major expenses such as rent and mortgage payments into smaller payments while the bill itself is paid on time.

Rather than changing how much a consumer owes, Split Pay is essentially changing when the money leaves their account. The concept initially centered on rent through the company's earlier Rent App platform. The company has since expanded its focus and consolidated around the Split Pay brand, moving beyond rent toward other major recurring expenses.

In a recent interview, Borovsky described the broader vision as creating the consumer equivalent of the payment terms businesses routinely use, ultimately giving consumers greater flexibility to shift bill dates around their income. The company currently provides up to 30 days of flexibility and has discussed a longer-term goal of reaching as much as 90 days.

AI Behind a Simple Consumer Product

While the customer experience is relatively straightforward, Split Pay has spent considerable time developing the technology determining who qualifies. The company has built a proprietary cash-flow underwriting system that analyzes transaction data rather than relying exclusively on traditional credit scores.

Split Pay has reported that its AI underwriting model was developed over 18 months using $350 million in originations and analyzes approximately 50,000 variables in real time. The company has reported a 97.5% repayment rate.

Those figures are company-reported, but they illustrate a broader part of Split Pay's strategy: using real-world cash flow to understand a consumer's ability to repay. Borovsky has argued that traditional credit scoring can be particularly limiting for younger consumers whose incomes may be increasing faster than their credit profiles.

The approach reflects a larger shift within fintech toward cash-flow underwriting, where income, spending, savings and transaction activity can provide additional information about a consumer's financial position.

One Million Users and Rapid Growth

Split Pay says it has reached approximately one million users. In a recent interview with TBPN, Borovsky said the company had also approached $80 million in originations after launching the broader bill-flexibility product roughly a year earlier.

According to Borovsky, Split Pay reached a $1 million monthly origination run rate during its first month and has since grown dramatically, culminating in the company's reported 70X growth over the past 12 months. The rapid expansion also helps explain why Split Pay raised its Series A and Series B in close succession.

The funding includes a $25 million Series A and approximately $100 million Series B, both led by Khosla Ventures. Thrive Capital, New York Life Ventures, MetaProp, Alpaca VC, Moderne Ventures, Intuit Ventures, SciFi VC and other investors also participated in the rounds, according to FinTech Futures. PayPal co-founder Max Levchin was also among the investors. 

The new capital follows a $15 million seed round in 2023, bringing Split Pay's reported total funding to approximately $140 million.

From Rent App to a Broader Fintech Platform

Split Pay's evolution is also a story of a startup moving beyond its original product. The company initially focused heavily on the rental market through Rent App, which helped renters make payments while offering Split Pay as an option for those who wanted to divide rent into multiple payments. In 2026, the company sunset the Rent App brand and consolidated its efforts around Split Pay. That shift expanded the potential market considerably.

Instead of focusing primarily on rent, Split Pay is positioning its technology around some of the largest recurring expenses in a consumer's financial life, including housing, automobiles, student loans and other bills. The company is also exploring additional financial products built on the same underwriting infrastructure.

At the center of that expansion is the idea that a consumer's financial challenge isn't always a lack of income or an inability to pay. Sometimes it's timing.

A Significant Raise for Miami's Fintech Ecosystem

Split Pay's $125 million financing adds another sizable funding announcement to South Florida's growing fintech sector. Headquartered in Miami, the company has attracted backing from some of the venture industry's most recognizable investors while building technology at the intersection of artificial intelligence, payments and consumer finance.

It also represents an increasingly familiar evolution within South Florida's startup ecosystem: companies launched around a specific problem developing technology that can address a considerably larger market.

Split Pay started by helping renters divide one major monthly expense. Now, with $125 million in new funding, one million users and reported 70X growth over the past year, the Miami company is pursuing a much broader idea, giving consumers more control over when their money moves.

Or, as Split Pay puts it: "Banks move money, we move time."

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