# Split Pay raises $125M to split your rent

> A startup backed by Khosla and Affirm's CEO thinks your bills, not your income, are the real problem.
- Title: Split Pay raises $125M to split your rent · Pymnts | Shortify
- Summary: A startup backed by Khosla and Affirm's CEO thinks your bills, not your income, are the real problem. For a lot of earners, the squeeze is timing, not…
- Keywords: bnpl, fintech, funding, consumer credit, underwriting, business, finance, Split, Pay, raises, 125M, rent
- Source: Pymnts — https://pymnts.com/bnpl/2026/split-pay-raises-125-million-dollars-bring-bnpl-big-expenses
- Author: PYMNTS
- Published: 2026-09-15T19:54:08+00:00
- Read time: 1 min
- Topics: bnpl, fintech, funding, consumer credit, underwriting, business, finance
## $125 million for a new BNPL
Lending startup Split Pay raised $125 million across its Series A and B, Axios reported on September 8. Khosla Ventures led, with Thrive Capital and Affirm CEO Max Levchin joining.
## Bills monthly, paychecks biweekly
The pitch is to make the consumer economy work more like the invoice-based business economy. Big bills land once a month, but most paychecks arrive twice a month, and that mismatch is the gap.
## Two years building a model
CEO Andrew Borovsky, formerly of Block and Cash App, says the team spent its first two years as a lab, training a foundation model on people under 40 to widen underwriting without blowing up losses.

> We believe that AI is going to blow up underwriting.
## $90,000 and still stretched
Split Pay found its average customer earned about $90,000 and generated around $2,100 in cash flow, yet lived paycheck to paycheck. The biggest reason was when bills hit, not how much came in.

> The biggest reason was the timing of bills.
## Rent in two payments
Renters and mortgage holders can split a monthly housing payment into two installments for a fee. The same option extends to other big-ticket obligations like car payments.
## Who actually gets squeezed
PYMNTS puts paycheck-to-paycheck consumers in three buckets: 41% blame everyday spending, 31% a short-term shock, 28% long-term commitments. Nearly a third of hourly workers pay about $50 in fees monthly.

> Bills land on fixed dates and paychecks may not.
## Key takeaway

For a lot of earners, the squeeze is timing, not income, and Split Pay is betting AI underwriting can safely bridge the gap.