Khosla Leads $125M Series A and B for Split Pay
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Split Pay, a Miami, Florida fintech company that fronts part of a household’s biggest monthly bills, has raised $125 million across back-to-back Series A and Series B rounds. The funding was reported on September 8, 2026.
Khosla Ventures led both rounds, with Thrive Capital and PayPal co-founder Max Levchin participating. Other investors in the financing include MetaProp, Alpaca VC, Moderne Ventures, Intuit Ventures, and SciFi VC. Split Pay says its business grew 70 times over in the prior year.
The company started with a $15 million seed round in 2023, followed by a $25 million Series A last fall. The Series B accounts for roughly $100 million of the new total.
The product addresses a timing mismatch. Large bills such as rent and mortgages usually land once a month, while paychecks tend to arrive twice. Split Pay lets a user pay the whole bill on the due date while the company fronts up to 50 percent of it for as long as 30 days. It charges 2 percent of the total bill plus a $10 monthly subscription, with no interest and no late fees, and the service also works for student loans and car payments. Around one million people have signed up, and roughly a quarter of them use it each month.
Beneath the consumer pitch is a technical bet that AI can make better lending decisions. The company, led by co-founder and CEO Andrew Borovsky, a former Block and Cash App executive, spent its first two years building a foundation model for underwriting focused on people under 40. Its data showed the typical customer earned about $90,000 a year and generated roughly $2,100 in monthly cash flow yet still lived paycheck to paycheck, largely because of when bills fell due.
Split Pay is moving beyond rent. A Visa credit card with a low APR and no rewards program is reportedly coming soon, and the company expects its model to stretch across more of the large expenses that squeeze monthly budgets. The company is based in Florida.
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