By Stuart Condie 

SYDNEY--Buy-now-pay-later company Splitit Payments Ltd. said American depository receipts in the company will trade on the over-the-counter exchange OTCQX in an effort to increase its exposure to U.S. brokers, analysts and investors.

Splitit, which allows credit-card holders to use untapped funds on existing accounts to make purchases via installment payments, said the ADRs would complement its existing listing on the Australian Securities Exchange. It said it was not issuing new shares or raising capital.

Interim Chief Executive John Harper was appointed in August and immediately said he was focused on growing Splitit, which competes in the crowded installment-payment space against the likes of Afterpay Ltd., Affirm Holdings Inc. and PayPal Holdings Inc., in its core markets. On Wednesday he said the ADR program was a response to demand from North America-based institutional investors.

"The opportunity to increase visibility and liquidity to U.S. investors is an important step for Splitit, and we look forward to engaging with more U.S. Investors over time," Mr. Harper said in a statement.

Splitit shares are down 75% so far in 2021.

Write to Stuart Condie at stuart.condie@wsj.com